DDM Analysis: MGH.AX

Valuation Snapshot

Stable Growth	$3.98 - $6.15	$4.99
Multi-Stage	$9.00 - $9.92	$9.45
Blended Fair Value	$7.22
Current Price	$4.24
Upside	70.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.07	0.06	0.06	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	27.10%	2.85%	332.59%	227.21%	0.00%	-100.00%	-1.37%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.74%	1.37%	2.12%	0.36%	0.07%	0.00%	0.07%	0.07%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.92
(-) Cash Dividends Paid (M)	53.64
(=) Cash Retained (M)	91.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.98	18.12	10.87
Cash Retained (M)	91.28	91.28	91.28
(-) Cash Required (M)	-28.98	-18.12	-10.87
(=) Excess Retained (M)	62.29	73.16	80.41
(/) Shares Outstanding (M)	339.40	339.40	339.40
(=) Excess Retained per Share	0.18	0.22	0.24
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.18	0.22	0.24
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.98	$4.99	$6.15
Upside / Downside	-6.23%	17.57%	45.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.92	143.47	142.04	140.62	139.21	137.82	141.95
Payout Ratio	37.02%	47.61%	58.21%	68.81%	79.40%	90.00%	92.50%
Projected Dividends (M)	53.64	68.31	82.68	96.75	110.54	124.04	131.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	63.54	64.19	64.84
Year 2 PV (M)	71.54	73.00	74.49
Year 3 PV (M)	77.87	80.28	82.74
Year 4 PV (M)	82.75	86.18	89.72
Year 5 PV (M)	86.38	90.87	95.56
PV of Terminal Value (M)	2,673.83	2,813.07	2,958.04
Equity Value (M)	3,055.91	3,207.60	3,365.38
Shares Outstanding (M)	339.40	339.40	339.40
Fair Value	$9.00	$9.45	$9.92
Upside / Downside	112.35%	122.89%	133.86%

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MAAS Group Holdings Limited (MGH.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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