DDM Analysis: AVAX.AT

Valuation Snapshot

Stable Growth	$5.57 - $9.77	$7.36
Multi-Stage	$9.76 - $10.74	$10.24
Blended Fair Value	$8.80
Current Price	$2.13
Upside	313.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	110.31%	0.03	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-55.96%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-93.94%	1,202.05%	-62.86%
Dividend Yield	-	-	1.99%	3.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62.43
(-) Cash Dividends Paid (M)	4.45
(=) Cash Retained (M)	57.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.49	7.80	4.68
Cash Retained (M)	57.98	57.98	57.98
(-) Cash Required (M)	-12.49	-7.80	-4.68
(=) Excess Retained (M)	45.49	50.17	53.29
(/) Shares Outstanding (M)	147.34	147.34	147.34
(=) Excess Retained per Share	0.31	0.34	0.36
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.31	0.34	0.36
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	0.32%	1.32%	2.32%
Fair Value	$5.57	$7.36	$9.77
Upside / Downside	161.57%	245.57%	358.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.43	63.25	64.08	64.93	65.78	66.65	68.65
Payout Ratio	7.13%	23.70%	40.28%	56.85%	73.43%	90.00%	92.50%
Projected Dividends (M)	4.45	14.99	25.81	36.91	48.30	59.98	63.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	0.32%	1.32%	2.32%
Year 1 PV (M)	13.95	14.09	14.23
Year 2 PV (M)	22.34	22.79	23.24
Year 3 PV (M)	29.73	30.63	31.54
Year 4 PV (M)	36.19	37.66	39.17
Year 5 PV (M)	41.82	43.94	46.16
PV of Terminal Value (M)	1,294.12	1,359.92	1,428.37
Equity Value (M)	1,438.15	1,509.02	1,582.70
Shares Outstanding (M)	147.34	147.34	147.34
Fair Value	$9.76	$10.24	$10.74
Upside / Downside	358.25%	380.84%	404.31%

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Avax S.A. (AVAX.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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