DDM Analysis: SHAN.TA

Valuation Snapshot

Stable Growth	$14.37 - $48.31	$45.27
Multi-Stage	$6.52 - $7.12	$6.81
Blended Fair Value	$26.04
Current Price	$5.35
Upside	386.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.41%	6.68%	0.18	0.12	0.00	0.08	0.13	0.06	0.03	0.09	0.08	0.10
YoY Growth	-	-	53.69%	0.00%	-100.00%	-37.50%	100.00%	100.00%	-66.67%	20.00%	-23.08%	8.33%
Dividend Yield	-	-	3.82%	3.04%	0.00%	1.43%	2.00%	1.28%	0.94%	2.16%	1.67%	1.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.36
(-) Cash Dividends Paid (M)	12.45
(=) Cash Retained (M)	2.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.07	1.92	1.15
Cash Retained (M)	2.91	2.91	2.91
(-) Cash Required (M)	-3.07	-1.92	-1.15
(=) Excess Retained (M)	-0.16	0.99	1.76
(/) Shares Outstanding (M)	63.24	63.24	63.24
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.37	$45.27	$48.31
Upside / Downside	168.60%	746.20%	802.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.36	16.36	17.42	18.56	19.76	21.05	21.68
Payout Ratio	81.04%	82.84%	84.63%	86.42%	88.21%	90.00%	92.50%
Projected Dividends (M)	12.45	13.55	14.75	16.04	17.43	18.94	20.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12.56	12.67	12.79
Year 2 PV (M)	12.66	12.90	13.14
Year 3 PV (M)	12.75	13.12	13.49
Year 4 PV (M)	12.84	13.34	13.84
Year 5 PV (M)	12.93	13.55	14.20
PV of Terminal Value (M)	348.52	365.36	382.83
Equity Value (M)	412.25	430.93	450.30
Shares Outstanding (M)	63.24	63.24	63.24
Fair Value	$6.52	$6.81	$7.12
Upside / Downside	21.84%	27.36%	33.09%

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Financial Statements

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Ticker

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Sector

Shaniv Paper Industry Ltd (SHAN.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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