DDM Analysis: GMG.AX

Valuation Snapshot

Stable Growth	$34.30 - $159.56	$76.76
Multi-Stage	$23.07 - $25.26	$24.15
Blended Fair Value	$50.46
Current Price	$34.24
Upside	47.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.91%	6.51%	0.30	0.29	0.29	0.29	0.28	0.28	0.27	0.25	0.24	0.17
YoY Growth	-	-	0.74%	0.94%	0.88%	1.05%	0.93%	3.33%	8.25%	5.92%	39.81%	8.38%
Dividend Yield	-	-	0.86%	0.84%	1.45%	1.61%	1.35%	1.90%	1.79%	2.62%	3.03%	2.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,567.50
(-) Cash Dividends Paid (M)	852.30
(=) Cash Retained (M)	715.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	313.50	195.94	117.56
Cash Retained (M)	715.20	715.20	715.20
(-) Cash Required (M)	-313.50	-195.94	-117.56
(=) Excess Retained (M)	401.70	519.26	597.64
(/) Shares Outstanding (M)	1,935.70	1,935.70	1,935.70
(=) Excess Retained per Share	0.21	0.27	0.31
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.21	0.27	0.31
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	4.51%	5.51%	6.51%
Fair Value	$34.30	$76.76	$159.56
Upside / Downside	0.17%	124.20%	366.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,567.50	1,653.83	1,744.91	1,841.00	1,942.39	2,049.36	2,110.84
Payout Ratio	54.37%	61.50%	68.62%	75.75%	82.87%	90.00%	92.50%
Projected Dividends (M)	852.30	1,017.08	1,197.42	1,394.55	1,609.75	1,844.42	1,952.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	4.51%	5.51%	6.51%
Year 1 PV (M)	946.12	955.17	964.23
Year 2 PV (M)	1,036.17	1,056.09	1,076.21
Year 3 PV (M)	1,122.55	1,155.09	1,188.24
Year 4 PV (M)	1,205.38	1,252.18	1,300.34
Year 5 PV (M)	1,284.75	1,347.41	1,412.48
PV of Terminal Value (M)	39,069.91	40,975.27	42,954.26
Equity Value (M)	44,664.89	46,741.22	48,895.76
Shares Outstanding (M)	1,935.70	1,935.70	1,935.70
Fair Value	$23.07	$24.15	$25.26
Upside / Downside	-32.61%	-29.48%	-26.23%

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Goodman Group (GMG.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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