DDM Analysis: CRSM.TA

Valuation Snapshot

Stable Growth	$552.01 - $783.46	$734.22
Multi-Stage	$129.48 - $141.86	$135.55
Blended Fair Value	$434.89
Current Price	$40.54
Upside	972.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.68%	16.67%	2.45	2.38	2.80	1.69	0.45	1.08	0.68	3.66	1.64	0.90
YoY Growth	-	-	2.64%	-14.80%	65.64%	279.07%	-58.89%	59.09%	-81.39%	122.81%	83.25%	71.23%
Dividend Yield	-	-	8.54%	13.60%	16.50%	7.37%	2.76%	12.13%	4.09%	14.89%	4.14%	2.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	370.37
(-) Cash Dividends Paid (M)	70.00
(=) Cash Retained (M)	300.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.07	46.30	27.78
Cash Retained (M)	300.37	300.37	300.37
(-) Cash Required (M)	-74.07	-46.30	-27.78
(=) Excess Retained (M)	226.30	254.07	272.59
(/) Shares Outstanding (M)	94.01	94.01	94.01
(=) Excess Retained per Share	2.41	2.70	2.90
LTM Dividend per Share	0.74	0.74	0.74
(+) Excess Retained per Share	2.41	2.70	2.90
(=) Adjusted Dividend	3.15	3.45	3.64
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$552.01	$734.22	$783.46
Upside / Downside	1,261.63%	1,711.10%	1,832.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	370.37	394.44	420.08	447.39	476.47	507.44	522.66
Payout Ratio	18.90%	33.12%	47.34%	61.56%	75.78%	90.00%	92.50%
Projected Dividends (M)	70.00	130.64	198.87	275.41	361.07	456.69	483.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.97	123.13	124.28
Year 2 PV (M)	173.35	176.65	179.98
Year 3 PV (M)	224.14	230.57	237.13
Year 4 PV (M)	274.35	284.90	295.75
Year 5 PV (M)	323.98	339.63	355.87
PV of Terminal Value (M)	11,055.10	11,589.06	12,143.46
Equity Value (M)	12,172.88	12,743.93	13,336.48
Shares Outstanding (M)	94.01	94.01	94.01
Fair Value	$129.48	$135.55	$141.86
Upside / Downside	219.38%	234.37%	249.91%

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Carasso Motors Ltd. (CRSM.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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