DDM Analysis: INCAP.BO

Valuation Snapshot

Stable Growth	$11.25 - $17.25	$14.05
Multi-Stage	$25.30 - $27.79	$26.52
Blended Fair Value	$20.29
Current Price	$125.68
Upside	-83.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	-1.84%	1.00	1.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00	1.21
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	-16.91%	0.00%
Dividend Yield	-	-	1.13%	1.65%	2.70%	2.83%	4.32%	0.00%	3.19%	1.54%	2.64%	4.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6.38
(-) Cash Dividends Paid (M)	5.13
(=) Cash Retained (M)	1.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.28	0.80	0.48
Cash Retained (M)	1.24	1.24	1.24
(-) Cash Required (M)	-1.28	-0.80	-0.48
(=) Excess Retained (M)	-0.03	0.45	0.76
(/) Shares Outstanding (M)	5.12	5.12	5.12
(=) Excess Retained per Share	-0.01	0.09	0.15
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	-0.01	0.09	0.15
(=) Adjusted Dividend	1.00	1.09	1.15
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.25	$14.05	$17.25
Upside / Downside	-91.05%	-88.82%	-86.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6.38	6.31	6.25	6.19	6.12	6.06	6.24
Payout Ratio	80.52%	82.41%	84.31%	86.21%	88.10%	90.00%	92.50%
Projected Dividends (M)	5.13	5.20	5.27	5.33	5.40	5.46	5.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.83	4.88	4.93
Year 2 PV (M)	4.54	4.63	4.72
Year 3 PV (M)	4.26	4.39	4.53
Year 4 PV (M)	4.00	4.17	4.34
Year 5 PV (M)	3.75	3.95	4.15
PV of Terminal Value (M)	108.14	113.78	119.64
Equity Value (M)	129.52	135.79	142.31
Shares Outstanding (M)	5.12	5.12	5.12
Fair Value	$25.30	$26.52	$27.79
Upside / Downside	-79.87%	-78.90%	-77.89%

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Incap Limited (INCAP.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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