DDM Analysis: 9570.SR

Valuation Snapshot

Stable Growth	$70.14 - $97.19	$83.72
Multi-Stage	$93.24 - $102.36	$97.71
Blended Fair Value	$90.71
Current Price	$137.80
Upside	-34.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	1.23	0.85	0.49	0.28	0.33	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	44.73%	73.58%	77.59%	-16.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.68%	0.41%	0.38%	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)	39.67
(-) Cash Dividends Paid (M)	3.02
(=) Cash Retained (M)	36.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.93	4.96	2.98
Cash Retained (M)	36.65	36.65	36.65
(-) Cash Required (M)	-7.93	-4.96	-2.98
(=) Excess Retained (M)	28.71	31.69	33.67
(/) Shares Outstanding (M)	3.29	3.29	3.29
(=) Excess Retained per Share	8.72	9.62	10.22
LTM Dividend per Share	0.92	0.92	0.92
(+) Excess Retained per Share	8.72	9.62	10.22
(=) Adjusted Dividend	9.63	10.54	11.14
WACC / Discount Rate	11.46%	11.46%	11.46%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$70.14	$83.72	$97.19
Upside / Downside	-49.10%	-39.25%	-29.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.67	39.28	38.88	38.50	38.11	37.73	38.86
Payout Ratio	7.62%	24.10%	40.57%	57.05%	73.52%	90.00%	92.50%
Projected Dividends (M)	3.02	9.47	15.78	21.96	28.02	33.96	35.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.46%	11.46%	11.46%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8.41	8.49	8.58
Year 2 PV (M)	12.44	12.70	12.96
Year 3 PV (M)	15.38	15.86	16.35
Year 4 PV (M)	17.43	18.15	18.90
Year 5 PV (M)	18.76	19.74	20.76
PV of Terminal Value (M)	234.75	246.98	259.70
Equity Value (M)	307.18	321.92	337.24
Shares Outstanding (M)	3.29	3.29	3.29
Fair Value	$93.24	$97.71	$102.36
Upside / Downside	-32.34%	-29.09%	-25.72%

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Tam Development Co. (9570.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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