DDM Analysis: XRF.AX

Valuation Snapshot

Stable Growth	$9.95 - $27.58	$25.84
Multi-Stage	$3.87 - $4.24	$4.05
Blended Fair Value	$14.95
Current Price	$1.84
Upside	712.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	27.54%	7.88%	0.03	0.03	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.01
YoY Growth	-	-	25.42%	34.41%	26.05%	28.56%	23.51%	233.33%	25.00%	-20.00%	-66.35%	-43.57%
Dividend Yield	-	-	1.77%	1.92%	1.65%	2.68%	2.50%	4.01%	1.61%	1.49%	1.65%	5.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.27
(-) Cash Dividends Paid (M)	8.12
(=) Cash Retained (M)	11.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.85	2.41	1.45
Cash Retained (M)	11.15	11.15	11.15
(-) Cash Required (M)	-3.85	-2.41	-1.45
(=) Excess Retained (M)	7.30	8.74	9.71
(/) Shares Outstanding (M)	138.97	138.97	138.97
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.95	$25.84	$27.58
Upside / Downside	440.70%	1,304.48%	1,398.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.27	20.52	21.86	23.28	24.79	26.40	27.19
Payout Ratio	42.12%	51.70%	61.27%	70.85%	80.42%	90.00%	92.50%
Projected Dividends (M)	8.12	10.61	13.39	16.49	19.94	23.76	25.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9.85	9.94	10.04
Year 2 PV (M)	11.55	11.77	11.99
Year 3 PV (M)	13.20	13.58	13.97
Year 4 PV (M)	14.82	15.39	15.98
Year 5 PV (M)	16.41	17.20	18.02
PV of Terminal Value (M)	472.44	495.26	518.95
Equity Value (M)	538.27	563.15	588.95
Shares Outstanding (M)	138.97	138.97	138.97
Fair Value	$3.87	$4.05	$4.24
Upside / Downside	110.51%	120.24%	130.33%

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XRF Scientific Limited (XRF.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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