DDM Analysis: IDIN.TA

Valuation Snapshot

Stable Growth	$496.55 - $1,282.38	$752.99
Multi-Stage	$360.31 - $392.66	$376.19
Blended Fair Value	$564.59
Current Price	$219.60
Upside	157.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.82%	4.30%	13.41	5.42	4.06	10.83	2.71	6.43	19.63	6.09	6.77	10.15
YoY Growth	-	-	147.52%	33.33%	-62.50%	300.00%	-57.89%	-67.24%	222.22%	-10.00%	-33.33%	15.38%
Dividend Yield	-	-	8.60%	5.06%	4.60%	9.98%	2.14%	6.75%	11.42%	2.66%	3.77%	5.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	319.62
(-) Cash Dividends Paid (M)	218.01
(=) Cash Retained (M)	101.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.92	39.95	23.97
Cash Retained (M)	101.61	101.61	101.61
(-) Cash Required (M)	-63.92	-39.95	-23.97
(=) Excess Retained (M)	37.68	61.65	77.64
(/) Shares Outstanding (M)	14.77	14.77	14.77
(=) Excess Retained per Share	2.55	4.17	5.26
LTM Dividend per Share	14.76	14.76	14.76
(+) Excess Retained per Share	2.55	4.17	5.26
(=) Adjusted Dividend	17.31	18.93	20.01
WACC / Discount Rate	9.18%	9.18%	9.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$496.55	$752.99	$1,282.38
Upside / Downside	126.12%	242.89%	483.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	319.62	340.40	362.52	386.08	411.18	437.91	451.04
Payout Ratio	68.21%	72.57%	76.93%	81.28%	85.64%	90.00%	92.50%
Projected Dividends (M)	218.01	247.02	278.87	313.83	352.14	394.12	417.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.18%	9.18%	9.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	224.13	226.25	228.38
Year 2 PV (M)	229.58	233.96	238.37
Year 3 PV (M)	234.42	241.15	248.01
Year 4 PV (M)	238.67	247.85	257.29
Year 5 PV (M)	242.36	254.07	266.22
PV of Terminal Value (M)	4,153.06	4,353.65	4,561.92
Equity Value (M)	5,322.22	5,556.93	5,800.19
Shares Outstanding (M)	14.77	14.77	14.77
Fair Value	$360.31	$376.19	$392.66
Upside / Downside	64.07%	71.31%	78.81%

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I.D.I. Insurance Company Ltd. (IDIN.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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