DDM Analysis: 9519.SR

Valuation Snapshot

Stable Growth	$2.47 - $3.83	$3.10
Multi-Stage	$5.57 - $6.14	$5.85
Blended Fair Value	$4.48
Current Price	$5.65
Upside	-20.80%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.05	0.09	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-43.30%	269.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.83%	1.59%	0.43%	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)	53.14
(-) Cash Dividends Paid (M)	17.24
(=) Cash Retained (M)	35.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.63	6.64	3.99
Cash Retained (M)	35.90	35.90	35.90
(-) Cash Required (M)	-10.63	-6.64	-3.99
(=) Excess Retained (M)	25.27	29.26	31.91
(/) Shares Outstanding (M)	200.00	200.00	200.00
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.47	$3.10	$3.83
Upside / Downside	-56.24%	-45.14%	-32.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53.14	52.60	52.08	51.56	51.04	50.53	52.05
Payout Ratio	32.44%	43.95%	55.46%	66.98%	78.49%	90.00%	92.50%
Projected Dividends (M)	17.24	23.12	28.88	34.53	40.06	45.48	48.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.51	21.73	21.94
Year 2 PV (M)	24.99	25.50	26.02
Year 3 PV (M)	27.79	28.65	29.52
Year 4 PV (M)	29.99	31.23	32.51
Year 5 PV (M)	31.66	33.31	35.03
PV of Terminal Value (M)	978.70	1,029.66	1,082.73
Equity Value (M)	1,114.63	1,170.08	1,227.75
Shares Outstanding (M)	200.00	200.00	200.00
Fair Value	$5.57	$5.85	$6.14
Upside / Downside	-1.36%	3.55%	8.65%

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Banan Real Estate Company (9519.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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