DDM Analysis: NEN

Valuation Snapshot

Stable Growth	$131.42 - $649.96	$277.27
Multi-Stage	$108.55 - $118.89	$113.62
Blended Fair Value	$195.45
Current Price	$71.50
Upside	173.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	2.64	1.33	1.33	1.34	1.28	2.28	1.92	1.08
YoY Growth	-	-	0.00%	-100.00%	98.32%	-0.06%	-0.45%	4.89%	-43.93%	18.67%	77.76%	-1.88%
Dividend Yield	-	-	0.00%	0.00%	3.62%	1.66%	2.41%	2.85%	1.93%	3.25%	2.78%	2.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.64
(-) Cash Dividends Paid (M)	8.52
(=) Cash Retained (M)	3.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.33	1.45	0.87
Cash Retained (M)	3.12	3.12	3.12
(-) Cash Required (M)	-2.33	-1.45	-0.87
(=) Excess Retained (M)	0.79	1.66	2.24
(/) Shares Outstanding (M)	3.51	3.51	3.51
(=) Excess Retained per Share	0.22	0.47	0.64
LTM Dividend per Share	2.43	2.43	2.43
(+) Excess Retained per Share	0.22	0.47	0.64
(=) Adjusted Dividend	2.65	2.90	3.07
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	3.90%	4.90%	5.90%
Fair Value	$131.42	$277.27	$649.96
Upside / Downside	83.81%	287.80%	809.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.64	12.21	12.81	13.43	14.09	14.78	15.22
Payout Ratio	73.23%	76.58%	79.94%	83.29%	86.65%	90.00%	92.50%
Projected Dividends (M)	8.52	9.35	10.24	11.19	12.21	13.30	14.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	3.90%	4.90%	5.90%
Year 1 PV (M)	8.74	8.82	8.91
Year 2 PV (M)	8.94	9.11	9.29
Year 3 PV (M)	9.13	9.40	9.67
Year 4 PV (M)	9.31	9.67	10.05
Year 5 PV (M)	9.48	9.94	10.43
PV of Terminal Value (M)	335.24	351.68	368.77
Equity Value (M)	380.83	398.63	417.10
Shares Outstanding (M)	3.51	3.51	3.51
Fair Value	$108.55	$113.62	$118.89
Upside / Downside	51.82%	58.91%	66.28%

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Financial Statements

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Sector

New England Realty Associates Limited Partnership (NEN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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