DDM Analysis: 9593.SR

Valuation Snapshot

Stable Growth	$36.85 - $57.24	$46.28
Multi-Stage	$82.81 - $91.35	$86.99
Blended Fair Value	$66.64
Current Price	$21.00
Upside	217.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.00	0.57	3.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-83.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	1.66%	10.01%	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)	29.31
(-) Cash Dividends Paid (M)	0.83
(=) Cash Retained (M)	28.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.86	3.66	2.20
Cash Retained (M)	28.48	28.48	28.48
(-) Cash Required (M)	-5.86	-3.66	-2.20
(=) Excess Retained (M)	22.61	24.81	26.28
(/) Shares Outstanding (M)	7.50	7.50	7.50
(=) Excess Retained per Share	3.02	3.31	3.50
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	3.02	3.31	3.50
(=) Adjusted Dividend	3.13	3.42	3.61
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$36.85	$46.28	$57.24
Upside / Downside	75.47%	120.38%	172.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29.31	29.02	28.73	28.44	28.16	27.87	28.71
Payout Ratio	2.85%	20.28%	37.71%	55.14%	72.57%	90.00%	92.50%
Projected Dividends (M)	0.83	5.88	10.83	15.68	20.43	25.09	26.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.48	5.53	5.59
Year 2 PV (M)	9.39	9.58	9.78
Year 3 PV (M)	12.66	13.05	13.45
Year 4 PV (M)	15.36	15.99	16.65
Year 5 PV (M)	17.56	18.47	19.42
PV of Terminal Value (M)	560.64	589.83	620.23
Equity Value (M)	621.08	652.46	685.12
Shares Outstanding (M)	7.50	7.50	7.50
Fair Value	$82.81	$86.99	$91.35
Upside / Downside	294.33%	314.26%	334.99%

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Pan Gulf Marketing Co. (9593.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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