DDM Analysis: PLRM.TA

Valuation Snapshot

Stable Growth	$194.08 - $510.64	$296.02
Multi-Stage	$138.82 - $151.36	$144.98
Blended Fair Value	$220.50
Current Price	$83.91
Upside	162.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.10%	29.10%	3.50	1.55	2.72	2.33	0.78	0.78	0.39	0.47	0.39	0.35
YoY Growth	-	-	125.00%	-42.86%	16.67%	200.00%	0.00%	100.00%	-16.67%	20.00%	11.11%	28.57%
Dividend Yield	-	-	4.04%	3.07%	12.42%	5.14%	2.44%	5.47%	2.15%	2.39%	1.37%	1.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	214.33
(-) Cash Dividends Paid (M)	130.00
(=) Cash Retained (M)	84.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.87	26.79	16.08
Cash Retained (M)	84.33	84.33	84.33
(-) Cash Required (M)	-42.87	-26.79	-16.08
(=) Excess Retained (M)	41.47	57.54	68.26
(/) Shares Outstanding (M)	25.74	25.74	25.74
(=) Excess Retained per Share	1.61	2.24	2.65
LTM Dividend per Share	5.05	5.05	5.05
(+) Excess Retained per Share	1.61	2.24	2.65
(=) Adjusted Dividend	6.66	7.29	7.70
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$194.08	$296.02	$510.64
Upside / Downside	131.29%	252.78%	508.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	214.33	228.27	243.10	258.90	275.73	293.66	302.47
Payout Ratio	60.65%	66.52%	72.39%	78.26%	84.13%	90.00%	92.50%
Projected Dividends (M)	130.00	151.85	175.99	202.62	231.98	264.29	279.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	137.85	139.15	140.46
Year 2 PV (M)	145.03	147.79	150.58
Year 3 PV (M)	151.59	155.94	160.37
Year 4 PV (M)	157.55	163.61	169.84
Year 5 PV (M)	162.94	170.81	178.99
PV of Terminal Value (M)	2,817.71	2,953.80	3,095.11
Equity Value (M)	3,572.66	3,731.11	3,895.35
Shares Outstanding (M)	25.74	25.74	25.74
Fair Value	$138.82	$144.98	$151.36
Upside / Downside	65.44%	72.78%	80.39%

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Palram Industries (1990) Ltd (PLRM.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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