DDM Analysis: GNRS.TA

Valuation Snapshot

Stable Growth	$0.83 - $1.26	$1.03
Multi-Stage	$1.71 - $1.88	$1.80
Blended Fair Value	$1.41
Current Price	$1.14
Upside	23.87%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.00	0.00	0.04	0.04	0.00	0.01	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	10.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	6.50%	3.43%	0.00%	0.96%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130.00
(-) Cash Dividends Paid (M)	30.00
(=) Cash Retained (M)	100.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.00	16.25	9.75
Cash Retained (M)	100.00	100.00	100.00
(-) Cash Required (M)	-26.00	-16.25	-9.75
(=) Excess Retained (M)	74.00	83.75	90.25
(/) Shares Outstanding (M)	1,389.51	1,389.51	1,389.51
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.83	$1.03	$1.26
Upside / Downside	-27.54%	-9.77%	10.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130.00	128.70	127.41	126.14	124.88	123.63	127.34
Payout Ratio	23.08%	36.46%	49.85%	63.23%	76.62%	90.00%	92.50%
Projected Dividends (M)	30.00	46.93	63.51	79.76	95.67	111.26	117.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	43.46	43.91	44.35
Year 2 PV (M)	54.48	55.60	56.73
Year 3 PV (M)	63.37	65.33	67.33
Year 4 PV (M)	70.40	73.32	76.33
Year 5 PV (M)	75.83	79.78	83.89
PV of Terminal Value (M)	2,069.39	2,177.14	2,289.34
Equity Value (M)	2,376.93	2,495.07	2,617.97
Shares Outstanding (M)	1,389.51	1,389.51	1,389.51
Fair Value	$1.71	$1.80	$1.88
Upside / Downside	50.05%	57.51%	65.27%

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Generation Capital Ltd (GNRS.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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