DDM Analysis: CUV.AX

Valuation Snapshot

Stable Growth	$38.65 - $128.80	$63.05
Multi-Stage	$24.51 - $26.81	$25.64
Blended Fair Value	$44.35
Current Price	$10.38
Upside	327.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.39%	0.00%	0.05	0.05	0.04	0.02	0.02	0.02	0.02	0.00	0.00	0.00
YoY Growth	-	-	1.37%	24.99%	60.00%	0.00%	0.92%	27.88%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.48%	0.32%	0.22%	0.16%	0.08%	0.09%	0.06%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	71.81
(-) Cash Dividends Paid (M)	4.97
(=) Cash Retained (M)	66.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.36	8.98	5.39
Cash Retained (M)	66.83	66.83	66.83
(-) Cash Required (M)	-14.36	-8.98	-5.39
(=) Excess Retained (M)	52.47	57.86	61.45
(/) Shares Outstanding (M)	50.69	50.69	50.69
(=) Excess Retained per Share	1.04	1.14	1.21
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	1.04	1.14	1.21
(=) Adjusted Dividend	1.13	1.24	1.31
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.65	$63.05	$128.80
Upside / Downside	272.31%	507.42%	1,140.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	71.81	76.48	81.45	86.74	92.38	98.38	101.34
Payout Ratio	6.93%	23.54%	40.16%	56.77%	73.39%	90.00%	92.50%
Projected Dividends (M)	4.97	18.00	32.71	49.24	67.79	88.55	93.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16.42	16.58	16.73
Year 2 PV (M)	27.22	27.73	28.26
Year 3 PV (M)	37.38	38.45	39.55
Year 4 PV (M)	46.94	48.75	50.61
Year 5 PV (M)	55.93	58.63	61.44
PV of Terminal Value (M)	1,058.53	1,109.66	1,162.75
Equity Value (M)	1,242.43	1,299.81	1,359.33
Shares Outstanding (M)	50.69	50.69	50.69
Fair Value	$24.51	$25.64	$26.81
Upside / Downside	136.12%	147.02%	158.33%

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Clinuvel Pharmaceuticals Limited (CUV.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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