DDM Analysis: 4051.SR

Valuation Snapshot

Stable Growth	$2.10 - $3.19	$2.61
Multi-Stage	$5.21 - $5.74	$5.47
Blended Fair Value	$4.04
Current Price	$5.74
Upside	-29.61%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	0.00%	0.18	0.18	0.25	0.18	0.16	0.15	0.17	0.17	0.21	0.00
YoY Growth	-	-	0.00%	-26.53%	40.00%	9.38%	6.67%	-11.76%	0.00%	-19.92%	0.00%	0.00%
Dividend Yield	-	-	2.86%	2.61%	3.71%	1.75%	1.49%	4.24%	5.82%	7.33%	6.10%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.51
(-) Cash Dividends Paid (M)	18.23
(=) Cash Retained (M)	6.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.90	3.06	1.84
Cash Retained (M)	6.29	6.29	6.29
(-) Cash Required (M)	-4.90	-3.06	-1.84
(=) Excess Retained (M)	1.39	3.22	4.45
(/) Shares Outstanding (M)	101.25	101.25	101.25
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-2.64%	-1.64%	-0.64%
Fair Value	$2.10	$2.61	$3.19
Upside / Downside	-63.43%	-54.53%	-44.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.51	24.11	23.72	23.33	22.95	22.57	23.25
Payout Ratio	74.35%	77.48%	80.61%	83.74%	86.87%	90.00%	92.50%
Projected Dividends (M)	18.23	18.68	19.12	19.53	19.93	20.31	21.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-2.64%	-1.64%	-0.64%
Year 1 PV (M)	17.39	17.57	17.75
Year 2 PV (M)	16.56	16.90	17.25
Year 3 PV (M)	15.75	16.24	16.74
Year 4 PV (M)	14.96	15.58	16.23
Year 5 PV (M)	14.19	14.93	15.71
PV of Terminal Value (M)	449.13	472.67	497.19
Equity Value (M)	527.98	553.90	580.87
Shares Outstanding (M)	101.25	101.25	101.25
Fair Value	$5.21	$5.47	$5.74
Upside / Downside	-9.15%	-4.69%	-0.05%

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Baazeem Trading Company (4051.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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