DDM Analysis: BRMG.TA

Valuation Snapshot

Stable Growth	$26.72 - $38.99	$32.65
Multi-Stage	$46.21 - $50.77	$48.45
Blended Fair Value	$40.55
Current Price	$23.28
Upside	74.18%
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	0.76	3.05	4.07	1.53	0.81	2.04	1.02	2.75	0.77
YoY Growth	-	-	-100.00%	-75.00%	-25.00%	166.67%	87.50%	-60.00%	100.00%	-62.96%	256.67%	20.16%
Dividend Yield	-	-	0.00%	4.95%	22.89%	9.94%	5.84%	7.53%	13.26%	5.49%	12.25%	7.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.99
(-) Cash Dividends Paid (M)	12.00
(=) Cash Retained (M)	22.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.00	4.37	2.62
Cash Retained (M)	22.99	22.99	22.99
(-) Cash Required (M)	-7.00	-4.37	-2.62
(=) Excess Retained (M)	15.99	18.62	20.37
(/) Shares Outstanding (M)	9.83	9.83	9.83
(=) Excess Retained per Share	1.63	1.89	2.07
LTM Dividend per Share	1.22	1.22	1.22
(+) Excess Retained per Share	1.63	1.89	2.07
(=) Adjusted Dividend	2.85	3.12	3.29
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.72	$32.65	$38.99
Upside / Downside	14.77%	40.24%	67.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.99	34.64	34.29	33.95	33.61	33.28	34.27
Payout Ratio	34.30%	45.44%	56.58%	67.72%	78.86%	90.00%	92.50%
Projected Dividends (M)	12.00	15.74	19.40	22.99	26.51	29.95	31.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.37	14.51	14.66
Year 2 PV (M)	16.17	16.50	16.83
Year 3 PV (M)	17.48	18.03	18.58
Year 4 PV (M)	18.40	19.16	19.95
Year 5 PV (M)	18.98	19.96	20.99
PV of Terminal Value (M)	368.74	387.94	407.93
Equity Value (M)	454.13	476.10	498.94
Shares Outstanding (M)	9.83	9.83	9.83
Fair Value	$46.21	$48.45	$50.77
Upside / Downside	98.51%	108.12%	118.10%

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Brimag Digital Age Ltd. (BRMG.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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