DDM Analysis: PIC.AX

Valuation Snapshot

Stable Growth	$2.73 - $7.90	$4.29
Multi-Stage	$2.66 - $2.91	$2.78
Blended Fair Value	$3.54
Current Price	$1.21
Upside	192.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.75%	0.00%	0.07	0.07	0.06	0.05	0.05	0.06	0.06	0.03	0.03	0.01
YoY Growth	-	-	0.58%	21.45%	18.75%	7.41%	-15.12%	-1.21%	65.83%	33.15%	215.18%	0.00%
Dividend Yield	-	-	6.02%	5.99%	5.10%	4.33%	3.60%	6.09%	5.36%	2.90%	2.45%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.37
(-) Cash Dividends Paid (M)	41.48
(=) Cash Retained (M)	0.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.47	5.30	3.18
Cash Retained (M)	0.89	0.89	0.89
(-) Cash Required (M)	-8.47	-5.30	-3.18
(=) Excess Retained (M)	-7.58	-4.41	-2.29
(/) Shares Outstanding (M)	380.66	380.66	380.66
(=) Excess Retained per Share	-0.02	-0.01	-0.01
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	-0.02	-0.01	-0.01
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	3.75%	4.75%	5.75%
Fair Value	$2.73	$4.29	$7.90
Upside / Downside	125.98%	254.46%	552.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.37	44.39	46.49	48.70	51.01	53.44	55.04
Payout Ratio	97.90%	96.32%	94.74%	93.16%	91.58%	90.00%	92.50%
Projected Dividends (M)	41.48	42.75	44.05	45.37	46.72	48.09	50.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	3.75%	4.75%	5.75%
Year 1 PV (M)	39.53	39.91	40.29
Year 2 PV (M)	37.65	38.38	39.12
Year 3 PV (M)	35.86	36.90	37.97
Year 4 PV (M)	34.14	35.47	36.85
Year 5 PV (M)	32.49	34.09	35.74
PV of Terminal Value (M)	833.32	874.26	916.79
Equity Value (M)	1,012.97	1,059.01	1,106.76
Shares Outstanding (M)	380.66	380.66	380.66
Fair Value	$2.66	$2.78	$2.91
Upside / Downside	119.92%	129.92%	140.28%

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Perpetual Equity Investment Company Limited (PIC.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener