DDM Analysis: MAD.AX

Valuation Snapshot

Stable Growth	$40.76 - $91.16	$85.43
Multi-Stage	$13.56 - $14.84	$14.19
Blended Fair Value	$49.81
Current Price	$6.73
Upside	640.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	30.42%	0.00%	0.08	0.07	0.04	0.03	0.03	0.02	0.04	0.01	0.00	0.00
YoY Growth	-	-	12.15%	63.64%	25.71%	16.67%	40.19%	-53.28%	205.37%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.13%	1.10%	0.73%	1.24%	3.32%	2.58%	3.78%	1.24%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.37
(-) Cash Dividends Paid (M)	27.28
(=) Cash Retained (M)	70.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.47	12.17	7.30
Cash Retained (M)	70.09	70.09	70.09
(-) Cash Required (M)	-19.47	-12.17	-7.30
(=) Excess Retained (M)	50.62	57.92	62.79
(/) Shares Outstanding (M)	212.43	212.43	212.43
(=) Excess Retained per Share	0.24	0.27	0.30
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.24	0.27	0.30
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40.76	$85.43	$91.16
Upside / Downside	505.70%	1,169.33%	1,254.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.37	103.70	110.44	117.61	125.26	133.40	137.40
Payout Ratio	28.01%	40.41%	52.81%	65.21%	77.60%	90.00%	92.50%
Projected Dividends (M)	27.28	41.90	58.32	76.69	97.20	120.06	127.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.00	39.36	39.73
Year 2 PV (M)	50.50	51.47	52.44
Year 3 PV (M)	61.81	63.58	65.39
Year 4 PV (M)	72.90	75.70	78.59
Year 5 PV (M)	83.79	87.84	92.04
PV of Terminal Value (M)	2,571.88	2,696.10	2,825.08
Equity Value (M)	2,879.88	3,014.05	3,153.27
Shares Outstanding (M)	212.43	212.43	212.43
Fair Value	$13.56	$14.19	$14.84
Upside / Downside	101.44%	110.83%	120.56%

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Mader Group Limited (MAD.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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