DDM Analysis: MYG.AX

Valuation Snapshot

Stable Growth	$1.13 - $1.72	$1.41
Multi-Stage	$2.38 - $2.62	$2.50
Blended Fair Value	$1.95
Current Price	$1.05
Upside	86.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	21.01%	0.00%	0.03	0.02	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.00
YoY Growth	-	-	53.14%	181.62%	0.00%	-100.00%	-97.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.84%	2.87%	1.67%	0.00%	0.06%	0.42%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.86
(-) Cash Dividends Paid (M)	4.58
(=) Cash Retained (M)	7.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.37	1.48	0.89
Cash Retained (M)	7.28	7.28	7.28
(-) Cash Required (M)	-2.37	-1.48	-0.89
(=) Excess Retained (M)	4.90	5.79	6.39
(/) Shares Outstanding (M)	92.95	92.95	92.95
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.13	$1.41	$1.72
Upside / Downside	7.63%	34.07%	64.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.86	11.74	11.63	11.51	11.39	11.28	11.62
Payout Ratio	38.65%	48.92%	59.19%	69.46%	79.73%	90.00%	92.50%
Projected Dividends (M)	4.58	5.75	6.88	7.99	9.08	10.15	10.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.32	5.38	5.43
Year 2 PV (M)	5.91	6.03	6.15
Year 3 PV (M)	6.36	6.55	6.75
Year 4 PV (M)	6.69	6.97	7.25
Year 5 PV (M)	6.93	7.29	7.66
PV of Terminal Value (M)	190.35	200.26	210.58
Equity Value (M)	221.55	232.47	243.83
Shares Outstanding (M)	92.95	92.95	92.95
Fair Value	$2.38	$2.50	$2.62
Upside / Downside	127.00%	138.19%	149.83%

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FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
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ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
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LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
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OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
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Mayfield Group Holdings Limited (MYG.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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