DDM Analysis: SHIP

Valuation Snapshot

Stable Growth	$61.65 - $146.35	$137.15
Multi-Stage	$22.30 - $24.37	$23.32
Blended Fair Value	$80.23
Current Price	$8.26
Upside	871.36%
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%	0.53	0.30	0.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	78.25%	-66.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.24%	3.43%	17.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.01
(-) Cash Dividends Paid (M)	13.76
(=) Cash Retained (M)	1.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.00	1.88	1.13
Cash Retained (M)	1.24	1.24	1.24
(-) Cash Required (M)	-3.00	-1.88	-1.13
(=) Excess Retained (M)	-1.76	-0.63	0.12
(/) Shares Outstanding (M)	20.39	20.39	20.39
(=) Excess Retained per Share	-0.09	-0.03	0.01
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	-0.09	-0.03	0.01
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$61.65	$137.15	$146.35
Upside / Downside	646.34%	1,560.42%	1,671.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.01	15.98	17.02	18.13	19.31	20.56	21.18
Payout Ratio	91.71%	91.37%	91.03%	90.69%	90.34%	90.00%	92.50%
Projected Dividends (M)	13.76	14.60	15.49	16.44	17.44	18.50	19.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.58	13.71	13.84
Year 2 PV (M)	13.40	13.66	13.92
Year 3 PV (M)	13.23	13.61	13.99
Year 4 PV (M)	13.05	13.55	14.07
Year 5 PV (M)	12.88	13.50	14.15
PV of Terminal Value (M)	388.72	407.50	426.99
Equity Value (M)	454.87	475.53	496.96
Shares Outstanding (M)	20.39	20.39	20.39
Fair Value	$22.30	$23.32	$24.37
Upside / Downside	170.03%	182.30%	195.02%

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Seanergy Maritime Holdings Corp. (SHIP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener