DDM Analysis: DMR.BO

Valuation Snapshot

Stable Growth	$149.39 - $231.16	$187.31
Multi-Stage	$329.12 - $363.01	$345.73
Blended Fair Value	$266.52
Current Price	$51.00
Upside	422.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.32	0.29	0.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	10.98%	9.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.70%	0.57%	1.80%	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)	23.03
(-) Cash Dividends Paid (M)	0.78
(=) Cash Retained (M)	22.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.61	2.88	1.73
Cash Retained (M)	22.25	22.25	22.25
(-) Cash Required (M)	-4.61	-2.88	-1.73
(=) Excess Retained (M)	17.64	19.37	20.52
(/) Shares Outstanding (M)	1.44	1.44	1.44
(=) Excess Retained per Share	12.29	13.49	14.30
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	12.29	13.49	14.30
(=) Adjusted Dividend	12.84	14.04	14.84
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$149.39	$187.31	$231.16
Upside / Downside	192.92%	267.27%	353.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.03	22.80	22.57	22.35	22.12	21.90	22.56
Payout Ratio	3.40%	20.72%	38.04%	55.36%	72.68%	90.00%	92.50%
Projected Dividends (M)	0.78	4.72	8.59	12.37	16.08	19.71	20.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.39	4.44	4.48
Year 2 PV (M)	7.43	7.58	7.74
Year 3 PV (M)	9.96	10.26	10.58
Year 4 PV (M)	12.04	12.54	13.05
Year 5 PV (M)	13.73	14.44	15.19
PV of Terminal Value (M)	424.90	447.02	470.06
Equity Value (M)	472.44	496.29	521.10
Shares Outstanding (M)	1.44	1.44	1.44
Fair Value	$329.12	$345.73	$363.01
Upside / Downside	545.33%	577.90%	611.78%

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DMR Engineering Limited (DMR.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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