DDM Analysis: 9545.SR

Valuation Snapshot

Stable Growth	$1.62 - $2.22	$1.92
Multi-Stage	$2.09 - $2.29	$2.19
Blended Fair Value	$2.05
Current Price	$6.01
Upside	-65.81%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.03	0.00	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.52%	0.00%	1.39%	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)	14.33
(-) Cash Dividends Paid (M)	1.25
(=) Cash Retained (M)	13.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.87	1.79	1.07
Cash Retained (M)	13.08	13.08	13.08
(-) Cash Required (M)	-2.87	-1.79	-1.07
(=) Excess Retained (M)	10.21	11.29	12.01
(/) Shares Outstanding (M)	49.57	49.57	49.57
(=) Excess Retained per Share	0.21	0.23	0.24
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.21	0.23	0.24
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	12.02%	12.02%	12.02%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.62	$1.92	$2.22
Upside / Downside	-73.11%	-68.01%	-63.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.33	14.19	14.05	13.90	13.77	13.63	14.04
Payout Ratio	8.72%	24.98%	41.23%	57.49%	73.74%	90.00%	92.50%
Projected Dividends (M)	1.25	3.54	5.79	7.99	10.15	12.27	12.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.02%	12.02%	12.02%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.13	3.16	3.20
Year 2 PV (M)	4.52	4.61	4.71
Year 3 PV (M)	5.52	5.69	5.86
Year 4 PV (M)	6.19	6.45	6.71
Year 5 PV (M)	6.61	6.95	7.31
PV of Terminal Value (M)	77.52	81.55	85.76
Equity Value (M)	103.48	108.42	113.54
Shares Outstanding (M)	49.57	49.57	49.57
Fair Value	$2.09	$2.19	$2.29
Upside / Downside	-65.26%	-63.61%	-61.89%

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International Human Resources Company (9545.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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