DDM Analysis: CDA.AX

Valuation Snapshot

Stable Growth	$72.95 - $201.99	$189.30
Multi-Stage	$28.17 - $30.83	$29.48
Blended Fair Value	$109.39
Current Price	$20.11
Upside	443.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.50%	23.68%	0.24	0.20	0.24	0.29	0.21	0.15	0.15	0.11	0.10	0.04
YoY Growth	-	-	22.67%	-16.60%	-18.52%	37.50%	43.75%	0.47%	37.16%	10.55%	150.27%	33.35%
Dividend Yield	-	-	1.22%	1.69%	2.97%	4.21%	1.18%	2.09%	4.16%	3.59%	4.16%	3.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	184.88
(-) Cash Dividends Paid (M)	58.02
(=) Cash Retained (M)	126.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.98	23.11	13.87
Cash Retained (M)	126.86	126.86	126.86
(-) Cash Required (M)	-36.98	-23.11	-13.87
(=) Excess Retained (M)	89.88	103.75	112.99
(/) Shares Outstanding (M)	182.03	182.03	182.03
(=) Excess Retained per Share	0.49	0.57	0.62
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.49	0.57	0.62
(=) Adjusted Dividend	0.81	0.89	0.94
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.95	$189.30	$201.99
Upside / Downside	262.77%	841.31%	904.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	184.88	196.90	209.70	223.33	237.84	253.30	260.90
Payout Ratio	31.38%	43.11%	54.83%	66.55%	78.28%	90.00%	92.50%
Projected Dividends (M)	58.02	84.88	114.98	148.63	186.17	227.97	241.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	78.82	79.56	80.31
Year 2 PV (M)	99.15	101.04	102.94
Year 3 PV (M)	119.02	122.44	125.92
Year 4 PV (M)	138.45	143.77	149.25
Year 5 PV (M)	157.43	165.03	172.93
PV of Terminal Value (M)	4,534.74	4,753.77	4,981.19
Equity Value (M)	5,127.61	5,365.62	5,612.53
Shares Outstanding (M)	182.03	182.03	182.03
Fair Value	$28.17	$29.48	$30.83
Upside / Downside	40.08%	46.58%	53.33%

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Codan Limited (CDA.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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