DDM Analysis: ICNC-UN

Valuation Snapshot

Stable Growth	$4.92 - $7.75	$6.21
Multi-Stage	$12.12 - $13.36	$12.73
Blended Fair Value	$9.47
Current Price	$10.65
Upside	-11.06%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021
DPS	0.00%	0.00%	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.82%	0.00%	0.00%	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)	18.57
(-) Cash Dividends Paid (M)	5.63
(=) Cash Retained (M)	12.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.71	2.32	1.39
Cash Retained (M)	12.94	12.94	12.94
(-) Cash Required (M)	-3.71	-2.32	-1.39
(=) Excess Retained (M)	9.22	10.61	11.54
(/) Shares Outstanding (M)	37.14	37.14	37.14
(=) Excess Retained per Share	0.25	0.29	0.31
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.25	0.29	0.31
(=) Adjusted Dividend	0.40	0.44	0.46
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.92	$6.21	$7.75
Upside / Downside	-53.82%	-41.66%	-27.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.57	18.38	18.20	18.02	17.84	17.66	18.19
Payout Ratio	30.34%	42.27%	54.20%	66.14%	78.07%	90.00%	92.50%
Projected Dividends (M)	5.63	7.77	9.86	11.92	13.93	15.89	16.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	7.26	7.33	7.41
Year 2 PV (M)	8.61	8.78	8.96
Year 3 PV (M)	9.71	10.01	10.32
Year 4 PV (M)	10.60	11.04	11.49
Year 5 PV (M)	11.30	11.89	12.51
PV of Terminal Value (M)	402.73	423.70	445.54
Equity Value (M)	450.22	472.77	496.23
Shares Outstanding (M)	37.14	37.14	37.14
Fair Value	$12.12	$12.73	$13.36
Upside / Downside	13.83%	19.53%	25.46%

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Iconic Sports Acquisition Corp. (ICNC-UN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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