DDM Analysis: 9622.SR

Valuation Snapshot

Stable Growth	$5.14 - $7.99	$6.45
Multi-Stage	$12.03 - $13.24	$12.63
Blended Fair Value	$9.54
Current Price	$15.00
Upside	-36.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022
DPS	0.00%	0.00%	1.39	1.72	1.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-19.31%	30.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	9.11%	8.11%	6.20%	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)	4.71
(-) Cash Dividends Paid (M)	2.53
(=) Cash Retained (M)	2.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.94	0.59	0.35
Cash Retained (M)	2.19	2.19	2.19
(-) Cash Required (M)	-0.94	-0.59	-0.35
(=) Excess Retained (M)	1.24	1.60	1.83
(/) Shares Outstanding (M)	8.65	8.65	8.65
(=) Excess Retained per Share	0.14	0.18	0.21
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.14	0.18	0.21
(=) Adjusted Dividend	0.44	0.48	0.50
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.14	$6.45	$7.99
Upside / Downside	-65.74%	-56.97%	-46.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.71	4.67	4.62	4.57	4.53	4.48	4.62
Payout Ratio	53.61%	60.89%	68.17%	75.44%	82.72%	90.00%	92.50%
Projected Dividends (M)	2.53	2.84	3.15	3.45	3.75	4.03	4.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.65	2.67	2.70
Year 2 PV (M)	2.73	2.79	2.84
Year 3 PV (M)	2.79	2.87	2.96
Year 4 PV (M)	2.82	2.93	3.05
Year 5 PV (M)	2.82	2.97	3.12
PV of Terminal Value (M)	90.32	95.03	99.92
Equity Value (M)	104.12	109.26	114.60
Shares Outstanding (M)	8.65	8.65	8.65
Fair Value	$12.03	$12.63	$13.24
Upside / Downside	-19.78%	-15.83%	-11.71%

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Shmoh Almadi Co. (9622.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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