DDM Analysis: IMCO.TA

Valuation Snapshot

Stable Growth	$271.84 - $1,384.25	$558.64
Multi-Stage	$152.48 - $166.62	$159.42
Blended Fair Value	$359.03
Current Price	$63.29
Upside	467.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-6.16%	0.89	0.00	0.00	0.35	0.00	0.00	0.00	0.56	0.60	0.60
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	-6.67%	0.00%	-64.71%
Dividend Yield	-	-	2.63%	0.00%	0.00%	2.14%	0.00%	0.00%	0.00%	3.41%	3.40%	3.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.08
(-) Cash Dividends Paid (M)	16.97
(=) Cash Retained (M)	18.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.02	4.39	2.63
Cash Retained (M)	18.11	18.11	18.11
(-) Cash Required (M)	-7.02	-4.39	-2.63
(=) Excess Retained (M)	11.09	13.72	15.48
(/) Shares Outstanding (M)	5.04	5.04	5.04
(=) Excess Retained per Share	2.20	2.72	3.07
LTM Dividend per Share	3.37	3.37	3.37
(+) Excess Retained per Share	2.20	2.72	3.07
(=) Adjusted Dividend	5.57	6.09	6.44
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$271.84	$558.64	$1,384.25
Upside / Downside	329.51%	782.67%	2,087.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.08	37.36	39.79	42.37	45.13	48.06	49.50
Payout Ratio	48.38%	56.70%	65.03%	73.35%	81.68%	90.00%	92.50%
Projected Dividends (M)	16.97	21.18	25.87	31.08	36.86	43.26	45.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.49	19.68	19.86
Year 2 PV (M)	21.91	22.32	22.74
Year 3 PV (M)	24.21	24.91	25.62
Year 4 PV (M)	26.42	27.44	28.48
Year 5 PV (M)	28.53	29.91	31.34
PV of Terminal Value (M)	647.92	679.22	711.71
Equity Value (M)	768.48	803.47	839.75
Shares Outstanding (M)	5.04	5.04	5.04
Fair Value	$152.48	$159.42	$166.62
Upside / Downside	140.92%	151.89%	163.26%

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IMCO Industries Ltd. (IMCO.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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