DDM Analysis: QRF.BR

Valuation Snapshot

Stable Growth	$16.51 - $25.21	$20.58
Multi-Stage	$36.63 - $40.22	$38.39
Blended Fair Value	$29.49
Current Price	$10.25
Upside	187.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.60%	0.00%	0.80	0.51	0.45	0.44	0.73	0.58	0.89	0.77	0.59	0.55
YoY Growth	-	-	55.69%	14.58%	1.42%	-39.73%	26.25%	-34.54%	15.28%	31.30%	7.55%	0.00%
Dividend Yield	-	-	7.73%	5.04%	4.91%	4.02%	6.47%	3.58%	6.43%	3.16%	2.18%	2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.47
(-) Cash Dividends Paid (M)	12.79
(=) Cash Retained (M)	1.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.89	1.81	1.09
Cash Retained (M)	1.68	1.68	1.68
(-) Cash Required (M)	-2.89	-1.81	-1.09
(=) Excess Retained (M)	-1.22	-0.13	0.59
(/) Shares Outstanding (M)	7.80	7.80	7.80
(=) Excess Retained per Share	-0.16	-0.02	0.08
LTM Dividend per Share	1.64	1.64	1.64
(+) Excess Retained per Share	-0.16	-0.02	0.08
(=) Adjusted Dividend	1.48	1.62	1.72
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$16.51	$20.58	$25.21
Upside / Downside	61.10%	100.79%	145.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.47	14.32	14.18	14.04	13.90	13.76	14.17
Payout Ratio	88.42%	88.74%	89.05%	89.37%	89.68%	90.00%	92.50%
Projected Dividends (M)	12.79	12.71	12.63	12.54	12.46	12.38	13.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.78	11.90	12.02
Year 2 PV (M)	10.85	11.07	11.29
Year 3 PV (M)	9.99	10.30	10.61
Year 4 PV (M)	9.20	9.58	9.97
Year 5 PV (M)	8.47	8.91	9.37
PV of Terminal Value (M)	235.42	247.67	260.44
Equity Value (M)	285.69	299.42	313.70
Shares Outstanding (M)	7.80	7.80	7.80
Fair Value	$36.63	$38.39	$40.22
Upside / Downside	257.39%	274.57%	292.43%

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Qrf Comm. VA (QRF.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener