DDM Analysis: RMS.AX

Valuation Snapshot

Stable Growth	$49.42 - $119.70	$112.18
Multi-Stage	$17.20 - $18.85	$18.01
Blended Fair Value	$65.09
Current Price	$2.52
Upside	2,483.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	60.58%	0.00%	0.06	0.02	0.01	0.02	0.01	0.01	0.00	0.00	0.00	0.00
YoY Growth	-	-	305.35%	140.07%	-64.53%	25.86%	145.78%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.43%	0.80%	0.50%	2.04%	0.83%	0.29%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	690.75
(-) Cash Dividends Paid (M)	87.58
(=) Cash Retained (M)	603.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	138.15	86.34	51.81
Cash Retained (M)	603.17	603.17	603.17
(-) Cash Required (M)	-138.15	-86.34	-51.81
(=) Excess Retained (M)	465.02	516.82	551.36
(/) Shares Outstanding (M)	1,147.63	1,147.63	1,147.63
(=) Excess Retained per Share	0.41	0.45	0.48
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.41	0.45	0.48
(=) Adjusted Dividend	0.48	0.53	0.56
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.42	$112.18	$119.70
Upside / Downside	1,861.17%	4,351.51%	4,650.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	690.75	735.65	783.47	834.39	888.63	946.39	974.78
Payout Ratio	12.68%	28.14%	43.61%	59.07%	74.54%	90.00%	92.50%
Projected Dividends (M)	87.58	207.04	341.65	492.89	662.35	851.75	901.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.53	194.35	196.18
Year 2 PV (M)	295.43	301.06	306.74
Year 3 PV (M)	396.34	407.72	419.31
Year 4 PV (M)	495.27	514.32	533.91
Year 5 PV (M)	592.26	620.86	650.56
PV of Terminal Value (M)	17,771.77	18,630.16	19,521.39
Equity Value (M)	19,743.60	20,668.47	21,628.09
Shares Outstanding (M)	1,147.63	1,147.63	1,147.63
Fair Value	$17.20	$18.01	$18.85
Upside / Downside	582.69%	614.67%	647.85%

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Ramelius Resources Limited (RMS.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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