DDM Analysis: MNIT.BK

Valuation Snapshot

Stable Growth	$0.90 - $1.28	$1.08
Multi-Stage	$2.08 - $2.30	$2.19
Blended Fair Value	$1.63
Current Price	$1.93
Upside	-15.31%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.46%	-2.62%	0.13	0.09	0.05	0.10	0.08	0.03	0.03	0.08	0.13	0.15
YoY Growth	-	-	41.30%	73.58%	-47.00%	33.33%	163.16%	6.34%	-64.60%	-40.91%	-15.94%	-10.09%
Dividend Yield	-	-	6.57%	4.42%	3.01%	6.10%	4.55%	3.06%	1.75%	3.98%	6.34%	5.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.01
(-) Cash Dividends Paid (M)	4.14
(=) Cash Retained (M)	14.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.80	2.38	1.43
Cash Retained (M)	14.87	14.87	14.87
(-) Cash Required (M)	-3.80	-2.38	-1.43
(=) Excess Retained (M)	11.07	12.49	13.44
(/) Shares Outstanding (M)	138.00	138.00	138.00
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-4.62%	-3.62%	-2.62%
Fair Value	$0.90	$1.08	$1.28
Upside / Downside	-53.57%	-43.90%	-33.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.01	18.32	17.66	17.02	16.40	15.81	16.29
Payout Ratio	21.78%	35.42%	49.07%	62.71%	76.36%	90.00%	92.50%
Projected Dividends (M)	4.14	6.49	8.67	10.67	12.53	14.23	15.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-4.62%	-3.62%	-2.62%
Year 1 PV (M)	6.00	6.06	6.12
Year 2 PV (M)	7.40	7.55	7.71
Year 3 PV (M)	8.42	8.69	8.96
Year 4 PV (M)	9.13	9.52	9.92
Year 5 PV (M)	9.58	10.09	10.63
PV of Terminal Value (M)	246.60	259.80	273.56
Equity Value (M)	287.12	301.70	316.89
Shares Outstanding (M)	138.00	138.00	138.00
Fair Value	$2.08	$2.19	$2.30
Upside / Downside	7.80%	13.28%	18.98%

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MFC-Nichada Thani Property Fund 2 (MNIT.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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