DDM Analysis: N0Z.SI

Valuation Snapshot

Stable Growth	$10.09 - $15.28	$12.53
Multi-Stage	$19.16 - $21.11	$20.12
Blended Fair Value	$16.33
Current Price	$6.85
Upside	138.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.20%	0.00%	0.27	0.27	0.68	0.07	0.07	0.27	0.00	0.00	0.24	0.00
YoY Growth	-	-	-0.81%	-59.82%	900.38%	-2.11%	-74.12%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	4.84%	5.07%	12.53%	1.42%	1.34%	4.29%	0.00%	0.00%	7.54%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.46
(-) Cash Dividends Paid (M)	2.50
(=) Cash Retained (M)	37.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.09	5.06	3.03
Cash Retained (M)	37.96	37.96	37.96
(-) Cash Required (M)	-8.09	-5.06	-3.03
(=) Excess Retained (M)	29.87	32.90	34.92
(/) Shares Outstanding (M)	34.78	34.78	34.78
(=) Excess Retained per Share	0.86	0.95	1.00
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.86	0.95	1.00
(=) Adjusted Dividend	0.93	1.02	1.08
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	-1.80%	-0.80%	0.20%
Fair Value	$10.09	$12.53	$15.28
Upside / Downside	47.33%	82.99%	123.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.46	40.13	39.81	39.50	39.18	38.87	40.03
Payout Ratio	6.18%	22.95%	39.71%	56.47%	73.24%	90.00%	92.50%
Projected Dividends (M)	2.50	9.21	15.81	22.30	28.69	34.98	37.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	-1.80%	-0.80%	0.20%
Year 1 PV (M)	8.50	8.59	8.67
Year 2 PV (M)	13.47	13.74	14.02
Year 3 PV (M)	17.54	18.08	18.63
Year 4 PV (M)	20.82	21.68	22.57
Year 5 PV (M)	23.43	24.64	25.91
PV of Terminal Value (M)	582.64	612.92	644.44
Equity Value (M)	666.39	699.65	734.25
Shares Outstanding (M)	34.78	34.78	34.78
Fair Value	$19.16	$20.12	$21.11
Upside / Downside	179.72%	193.68%	208.20%

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Combine Will International Holdings Limited (N0Z.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener