DDM Analysis: KAT.AX

Valuation Snapshot

Stable Growth	$1.27 - $1.92	$1.57
Multi-Stage	$2.54 - $2.80	$2.67
Blended Fair Value	$2.12
Current Price	$1.22
Upside	73.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-2.22%	-13.10%	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.04	0.08
YoY Growth	-	-	-4.25%	-2.66%	9.02%	-16.64%	5.52%	-33.83%	8.00%	-26.20%	-50.17%	4.58%
Dividend Yield	-	-	1.60%	1.68%	1.87%	1.70%	2.26%	2.73%	4.37%	3.99%	5.83%	10.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.78
(-) Cash Dividends Paid (M)	1.29
(=) Cash Retained (M)	3.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.96	0.60	0.36
Cash Retained (M)	3.49	3.49	3.49
(-) Cash Required (M)	-0.96	-0.60	-0.36
(=) Excess Retained (M)	2.53	2.89	3.13
(/) Shares Outstanding (M)	32.35	32.35	32.35
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.27	$1.57	$1.92
Upside / Downside	4.02%	29.07%	57.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.78	4.73	4.68	4.64	4.59	4.54	4.68
Payout Ratio	26.99%	39.59%	52.20%	64.80%	77.40%	90.00%	92.50%
Projected Dividends (M)	1.29	1.87	2.44	3.00	3.55	4.09	4.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.73	1.75	1.77
Year 2 PV (M)	2.09	2.13	2.17
Year 3 PV (M)	2.37	2.44	2.52
Year 4 PV (M)	2.59	2.70	2.81
Year 5 PV (M)	2.76	2.90	3.05
PV of Terminal Value (M)	70.68	74.37	78.20
Equity Value (M)	82.22	86.29	90.51
Shares Outstanding (M)	32.35	32.35	32.35
Fair Value	$2.54	$2.67	$2.80
Upside / Downside	108.33%	118.64%	129.35%

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Katana Capital Limited (KAT.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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