DDM Analysis: APZ.AX

Valuation Snapshot

Stable Growth	$53.57 - $107.63	$100.87
Multi-Stage	$16.53 - $18.10	$17.30
Blended Fair Value	$59.08
Current Price	$3.95
Upside	1,395.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	28.54%	2.39%	0.09	0.08	0.06	0.04	0.04	0.03	0.02	0.02	0.04	0.05
YoY Growth	-	-	20.59%	30.57%	39.34%	13.77%	40.57%	24.13%	-9.36%	-36.75%	-28.61%	-28.96%
Dividend Yield	-	-	2.39%	4.46%	3.43%	2.93%	2.89%	2.71%	2.05%	2.51%	3.44%	4.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	105.49
(-) Cash Dividends Paid (M)	33.72
(=) Cash Retained (M)	71.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.10	13.19	7.91
Cash Retained (M)	71.77	71.77	71.77
(-) Cash Required (M)	-21.10	-13.19	-7.91
(=) Excess Retained (M)	50.68	58.59	63.86
(/) Shares Outstanding (M)	194.92	194.92	194.92
(=) Excess Retained per Share	0.26	0.30	0.33
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.26	0.30	0.33
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$53.57	$100.87	$107.63
Upside / Downside	1,256.17%	2,453.59%	2,624.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.49	112.35	119.65	127.43	135.71	144.53	148.87
Payout Ratio	31.96%	43.57%	55.18%	66.78%	78.39%	90.00%	92.50%
Projected Dividends (M)	33.72	48.95	66.02	85.10	106.39	130.08	137.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.59	46.03	46.46
Year 2 PV (M)	57.28	58.37	59.47
Year 3 PV (M)	68.77	70.74	72.76
Year 4 PV (M)	80.08	83.16	86.32
Year 5 PV (M)	91.20	95.60	100.17
PV of Terminal Value (M)	2,879.49	3,018.58	3,162.98
Equity Value (M)	3,222.41	3,372.47	3,528.16
Shares Outstanding (M)	194.92	194.92	194.92
Fair Value	$16.53	$17.30	$18.10
Upside / Downside	318.54%	338.03%	358.25%

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Aspen Group (APZ.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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