DDM Analysis: RAVD.TA

Valuation Snapshot

Stable Growth	$10.48 - $15.44	$12.86
Multi-Stage	$19.41 - $21.31	$20.34
Blended Fair Value	$16.60
Current Price	$6.66
Upside	149.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	2.66	0.00	0.30	0.40	0.00	0.40	0.40	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	-100.00%	-25.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	0.00%	57.53%	0.00%	4.38%	6.19%	0.00%	5.99%	5.49%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.24
(-) Cash Dividends Paid (M)	20.00
(=) Cash Retained (M)	15.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.05	4.40	2.64
Cash Retained (M)	15.24	15.24	15.24
(-) Cash Required (M)	-7.05	-4.40	-2.64
(=) Excess Retained (M)	8.19	10.83	12.59
(/) Shares Outstanding (M)	26.28	26.28	26.28
(=) Excess Retained per Share	0.31	0.41	0.48
LTM Dividend per Share	0.76	0.76	0.76
(+) Excess Retained per Share	0.31	0.41	0.48
(=) Adjusted Dividend	1.07	1.17	1.24
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.48	$12.86	$15.44
Upside / Downside	57.35%	93.11%	131.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.24	34.88	34.53	34.19	33.85	33.51	34.51
Payout Ratio	56.76%	63.41%	70.06%	76.70%	83.35%	90.00%	92.50%
Projected Dividends (M)	20.00	22.12	24.19	26.22	28.21	30.16	31.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.27	20.47	20.68
Year 2 PV (M)	20.31	20.73	21.15
Year 3 PV (M)	20.18	20.80	21.44
Year 4 PV (M)	19.89	20.71	21.56
Year 5 PV (M)	19.48	20.50	21.55
PV of Terminal Value (M)	409.98	431.33	453.56
Equity Value (M)	510.11	534.54	559.94
Shares Outstanding (M)	26.28	26.28	26.28
Fair Value	$19.41	$20.34	$21.31
Upside / Downside	191.44%	205.40%	219.91%

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Ravad Ltd (RAVD.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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