DDM Analysis: SHELTER.BO

Valuation Snapshot

Stable Growth	$53.27 - $80.27	$66.02
Multi-Stage	$103.09 - $113.61	$108.25
Blended Fair Value	$87.13
Current Price	$36.10
Upside	141.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.37
(-) Cash Dividends Paid (M)	3.82
(=) Cash Retained (M)	68.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.47	9.05	5.43
Cash Retained (M)	68.56	68.56	68.56
(-) Cash Required (M)	-14.47	-9.05	-5.43
(=) Excess Retained (M)	54.08	59.51	63.13
(/) Shares Outstanding (M)	11.56	11.56	11.56
(=) Excess Retained per Share	4.68	5.15	5.46
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	4.68	5.15	5.46
(=) Adjusted Dividend	5.01	5.48	5.79
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$53.27	$66.02	$80.27
Upside / Downside	47.55%	82.88%	122.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.37	71.65	70.93	70.22	69.52	68.83	70.89
Payout Ratio	5.27%	22.22%	39.16%	56.11%	73.05%	90.00%	92.50%
Projected Dividends (M)	3.82	15.92	27.78	39.40	50.79	61.94	65.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.70	14.85	15.00
Year 2 PV (M)	23.68	24.17	24.66
Year 3 PV (M)	31.01	31.97	32.95
Year 4 PV (M)	36.91	38.44	40.01
Year 5 PV (M)	41.56	43.72	45.98
PV of Terminal Value (M)	1,043.80	1,098.15	1,154.74
Equity Value (M)	1,191.65	1,251.29	1,313.34
Shares Outstanding (M)	11.56	11.56	11.56
Fair Value	$103.09	$108.25	$113.61
Upside / Downside	185.56%	199.85%	214.72%

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Shelter Pharma Ltd. (SHELTER.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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