DDM Analysis: AZRM.TA

Valuation Snapshot

Stable Growth	$28.72 - $122.21	$71.09
Multi-Stage	$15.06 - $16.48	$15.76
Blended Fair Value	$43.42
Current Price	$20.21
Upside	114.86%
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%	0.00%	0.00	0.00	0.19	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	-	-	0.00%	0.00%	2.10%	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)	131.16
(-) Cash Dividends Paid (M)	40.00
(=) Cash Retained (M)	91.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.23	16.39	9.84
Cash Retained (M)	91.16	91.16	91.16
(-) Cash Required (M)	-26.23	-16.39	-9.84
(=) Excess Retained (M)	64.92	74.76	81.32
(/) Shares Outstanding (M)	213.03	213.03	213.03
(=) Excess Retained per Share	0.30	0.35	0.38
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.30	0.35	0.38
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	5.30%	6.30%	7.30%
Fair Value	$28.72	$71.09	$122.21
Upside / Downside	42.13%	251.76%	504.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.16	139.41	148.19	157.52	167.44	177.99	183.33
Payout Ratio	30.50%	42.40%	54.30%	66.20%	78.10%	90.00%	92.50%
Projected Dividends (M)	40.00	59.11	80.47	104.28	130.77	160.19	169.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	5.30%	6.30%	7.30%
Year 1 PV (M)	54.67	55.19	55.71
Year 2 PV (M)	68.84	70.15	71.48
Year 3 PV (M)	82.51	84.88	87.30
Year 4 PV (M)	95.70	99.39	103.18
Year 5 PV (M)	108.42	113.67	119.12
PV of Terminal Value (M)	2,797.92	2,933.32	3,073.92
Equity Value (M)	3,208.05	3,356.60	3,510.70
Shares Outstanding (M)	213.03	213.03	213.03
Fair Value	$15.06	$15.76	$16.48
Upside / Downside	-25.49%	-22.04%	-18.46%

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Azorim-Investment, Development & Construction Co. Ltd (AZRM.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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