DDM Analysis: IMD.AX

Valuation Snapshot

Stable Growth	$13.20 - $32.34	$30.31
Multi-Stage	$4.71 - $5.16	$4.93
Blended Fair Value	$17.62
Current Price	$2.72
Upside	547.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.44%	0.00%	0.03	0.03	0.03	0.02	0.01	0.03	0.01	0.00	0.00	0.01
YoY Growth	-	-	-22.03%	21.37%	15.75%	94.11%	-60.53%	467.28%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.98%	1.53%	1.49%	1.33%	0.62%	2.91%	0.45%	0.00%	0.00%	3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.59
(-) Cash Dividends Paid (M)	32.71
(=) Cash Retained (M)	54.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.52	10.95	6.57
Cash Retained (M)	54.88	54.88	54.88
(-) Cash Required (M)	-17.52	-10.95	-6.57
(=) Excess Retained (M)	37.36	43.93	48.31
(/) Shares Outstanding (M)	538.63	538.63	538.63
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.20	$30.31	$32.34
Upside / Downside	385.46%	1,014.23%	1,088.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.59	93.28	99.35	105.80	112.68	120.00	123.60
Payout Ratio	37.34%	47.88%	58.41%	68.94%	79.47%	90.00%	92.50%
Projected Dividends (M)	32.71	44.66	58.02	72.94	89.55	108.00	114.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.52	41.92	42.31
Year 2 PV (M)	50.16	51.12	52.08
Year 3 PV (M)	58.63	60.32	62.03
Year 4 PV (M)	66.93	69.50	72.15
Year 5 PV (M)	75.06	78.68	82.45
PV of Terminal Value (M)	2,244.98	2,353.41	2,466.00
Equity Value (M)	2,537.29	2,654.95	2,777.02
Shares Outstanding (M)	538.63	538.63	538.63
Fair Value	$4.71	$4.93	$5.16
Upside / Downside	73.18%	81.22%	89.55%

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Imdex Limited (IMD.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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