DDM Analysis: SIQ.AX

Valuation Snapshot

Stable Growth	$12.13 - $19.63	$15.50
Multi-Stage	$25.61 - $28.13	$26.85
Blended Fair Value	$21.18
Current Price	$7.37
Upside	187.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.32%	0.00%	0.51	0.45	0.67	0.50	0.39	0.63	0.39	0.30	0.16	0.11
YoY Growth	-	-	11.77%	-32.84%	33.60%	29.02%	-38.03%	60.86%	32.14%	84.50%	45.49%	0.00%
Dividend Yield	-	-	6.51%	5.26%	13.21%	6.51%	5.72%	9.09%	4.42%	2.73%	2.56%	2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	146.66
(-) Cash Dividends Paid (M)	113.06
(=) Cash Retained (M)	33.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.33	18.33	11.00
Cash Retained (M)	33.61	33.61	33.61
(-) Cash Required (M)	-29.33	-18.33	-11.00
(=) Excess Retained (M)	4.27	15.27	22.61
(/) Shares Outstanding (M)	130.09	130.09	130.09
(=) Excess Retained per Share	0.03	0.12	0.17
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	0.03	0.12	0.17
(=) Adjusted Dividend	0.90	0.99	1.04
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-0.92%	0.08%	1.08%
Fair Value	$12.13	$15.50	$19.63
Upside / Downside	64.55%	110.33%	166.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	146.66	146.78	146.90	147.02	147.13	147.25	151.67
Payout Ratio	77.09%	79.67%	82.25%	84.83%	87.42%	90.00%	92.50%
Projected Dividends (M)	113.06	116.94	120.83	124.72	128.62	132.53	140.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-0.92%	0.08%	1.08%
Year 1 PV (M)	108.76	109.85	110.95
Year 2 PV (M)	104.51	106.63	108.77
Year 3 PV (M)	100.33	103.40	106.53
Year 4 PV (M)	96.23	100.17	104.23
Year 5 PV (M)	92.21	96.96	101.90
PV of Terminal Value (M)	2,830.07	2,975.80	3,127.47
Equity Value (M)	3,332.10	3,492.81	3,659.86
Shares Outstanding (M)	130.09	130.09	130.09
Fair Value	$25.61	$26.85	$28.13
Upside / Downside	247.55%	264.31%	281.74%

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4912.T	Lion Corporation	1.64%	$27.13	35.97%
5328.TWO	Hua Jung Components Co.,Ltd.	1.64%	$0.35	73.35%
600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
SRSOLTD.BO	Silicon Rental Solutions Ltd.	1.64%	$1.90	9.23%
002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
603385.SS	Huida Sanitary Ware Co., Ltd.	1.62%	$0.11	69.37%
605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
GRMN	Garmin Ltd.	1.62%	$3.28	40.42%
RUBFILA.BO	Rubfila International Limited	1.62%	$1.20	22.45%
VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
WAS.WA	Wasko S.A.	1.62%	$0.03	19.20%
002152.SZ	GRG Banking Equipment Co., Ltd.	1.61%	$0.22	65.18%
002457.SZ	Ningxia Qinglong Pipes Industry Group Co., Ltd.	1.61%	$0.18	28.21%
002913.SZ	Aoshikang Technology Co., Ltd.	1.61%	$0.69	60.58%
007570.KS	Ilyang Pharmaceutical Co.,Ltd	1.61%	$210.74	33.61%
066570.KS	LG Electronics Inc.	1.61%	$1,472.83	36.12%
603181.SS	Zhejiang Huangma Technology Co.,Ltd	1.61%	$0.23	29.53%
603416.SS	WuXi Xinje Electric Co.,Ltd.	1.61%	$0.89	59.24%
ABB.AX	Aussie Broadband Limited	1.61%	$0.08	39.83%
H22.SI	Hong Leong Asia Ltd.	1.61%	$0.04	31.75%
MATAS.CO	Matas A/S	1.61%	$2.00	26.57%
SRSN.JK	PT Indo Acidatama Tbk	1.61%	$1.00	12.49%
000050.KS	Kyungbangco.Ltd	1.60%	$149.61	11.55%

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Smartgroup Corporation Ltd (SIQ.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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