DDM Analysis: ISHI.TA

Valuation Snapshot

Stable Growth	$11.29 - $16.33	$13.74
Multi-Stage	$19.28 - $21.14	$20.19
Blended Fair Value	$16.96
Current Price	$126.10
Upside	-86.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-2.46%	0.00%	1.19	1.39	1.19	1.00	0.68	1.35	1.70	3.84	0.00	0.00
YoY Growth	-	-	-14.29%	16.67%	20.00%	46.80%	-49.87%	-20.34%	-55.75%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.01%	1.99%	1.58%	0.94%	1.16%	1.95%	2.45%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.14
(-) Cash Dividends Paid (M)	20.00
(=) Cash Retained (M)	19.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.83	4.89	2.94
Cash Retained (M)	19.14	19.14	19.14
(-) Cash Required (M)	-7.83	-4.89	-2.94
(=) Excess Retained (M)	11.31	14.25	16.21
(/) Shares Outstanding (M)	25.11	25.11	25.11
(=) Excess Retained per Share	0.45	0.57	0.65
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	0.45	0.57	0.65
(=) Adjusted Dividend	1.25	1.36	1.44
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.29	$13.74	$16.33
Upside / Downside	-91.05%	-89.11%	-87.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.14	38.75	38.36	37.98	37.60	37.22	38.34
Payout Ratio	51.10%	58.88%	66.66%	74.44%	82.22%	90.00%	92.50%
Projected Dividends (M)	20.00	22.81	25.57	28.27	30.91	33.50	35.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.75	20.96	21.18
Year 2 PV (M)	21.16	21.59	22.03
Year 3 PV (M)	21.28	21.93	22.60
Year 4 PV (M)	21.16	22.04	22.94
Year 5 PV (M)	20.86	21.95	23.08
PV of Terminal Value (M)	378.85	398.58	419.12
Equity Value (M)	484.05	507.05	530.95
Shares Outstanding (M)	25.11	25.11	25.11
Fair Value	$19.28	$20.19	$21.14
Upside / Downside	-84.71%	-83.99%	-83.23%

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Israel Shipyards Industries Ltd (ISHI.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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