DDM Analysis: MMX

Valuation Snapshot

Stable Growth	$0.75 - $1.15	$0.94
Multi-Stage	$1.67 - $1.84	$1.76
Blended Fair Value	$1.35
Current Price	$3.35
Upside	-59.78%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.30
(-) Cash Dividends Paid (M)	7.35
(=) Cash Retained (M)	4.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.46	1.54	0.92
Cash Retained (M)	4.95	4.95	4.95
(-) Cash Required (M)	-2.46	-1.54	-0.92
(=) Excess Retained (M)	2.49	3.41	4.03
(/) Shares Outstanding (M)	149.13	149.13	149.13
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.75	$0.94	$1.15
Upside / Downside	-77.60%	-71.99%	-65.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.30	12.17	12.05	11.93	11.81	11.69	12.05
Payout Ratio	59.73%	65.78%	71.84%	77.89%	83.95%	90.00%	92.50%
Projected Dividends (M)	7.35	8.01	8.66	9.29	9.92	10.52	11.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	7.44	7.51	7.59
Year 2 PV (M)	7.46	7.62	7.77
Year 3 PV (M)	7.44	7.67	7.90
Year 4 PV (M)	7.37	7.68	7.99
Year 5 PV (M)	7.26	7.64	8.03
PV of Terminal Value (M)	212.77	223.85	235.39
Equity Value (M)	249.74	261.96	274.67
Shares Outstanding (M)	149.13	149.13	149.13
Fair Value	$1.67	$1.76	$1.84
Upside / Downside	-50.01%	-47.56%	-45.02%

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Maverix Metals Inc. (MMX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener