DDM Analysis: TFG.AS

Valuation Snapshot

Stable Growth	$197.77 - $483.15	$294.66
Multi-Stage	$276.85 - $304.39	$290.35
Blended Fair Value	$292.51
Current Price	$16.05
Upside	1,722.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-13.50%	-14.46%	0.24	0.25	0.26	0.26	0.34	0.49	0.52	0.52	0.75	0.94
YoY Growth	-	-	-6.87%	-2.10%	-1.65%	-21.17%	-31.47%	-5.68%	0.64%	-31.09%	-20.07%	-17.20%
Dividend Yield	-	-	1.60%	2.60%	2.49%	2.95%	3.42%	6.65%	4.00%	3.98%	6.11%	9.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	857.45
(-) Cash Dividends Paid (M)	28.45
(=) Cash Retained (M)	829.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	171.49	107.18	64.31
Cash Retained (M)	829.00	829.00	829.00
(-) Cash Required (M)	-171.49	-107.18	-64.31
(=) Excess Retained (M)	657.51	721.82	764.69
(/) Shares Outstanding (M)	91.58	91.58	91.58
(=) Excess Retained per Share	7.18	7.88	8.35
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	7.18	7.88	8.35
(=) Adjusted Dividend	7.49	8.19	8.66
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	2.05%	3.05%	4.05%
Fair Value	$197.77	$294.66	$483.15
Upside / Downside	1,132.20%	1,735.91%	2,910.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	857.45	883.59	910.54	938.30	966.91	996.39	1,026.28
Payout Ratio	3.32%	20.65%	37.99%	55.33%	72.66%	90.00%	92.50%
Projected Dividends (M)	28.45	182.50	345.92	519.13	702.59	896.75	949.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	2.05%	3.05%	4.05%
Year 1 PV (M)	170.64	172.31	173.98
Year 2 PV (M)	302.41	308.37	314.38
Year 3 PV (M)	424.34	436.93	449.78
Year 4 PV (M)	536.96	558.32	580.31
Year 5 PV (M)	640.80	672.82	706.11
PV of Terminal Value (M)	23,277.41	24,440.48	25,649.59
Equity Value (M)	25,352.55	26,589.23	27,874.14
Shares Outstanding (M)	91.58	91.58	91.58
Fair Value	$276.85	$290.35	$304.39
Upside / Downside	1,624.92%	1,709.06%	1,796.48%

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Tetragon Financial Group Limited (TFG.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener