DDM Analysis: LUDN.TA

Valuation Snapshot

Stable Growth	$22.23 - $39.64	$29.56
Multi-Stage	$34.79 - $38.14	$36.43
Blended Fair Value	$33.00
Current Price	$14.16
Upside	133.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	86.35%	0.00%	3.10	1.03	0.50	0.50	0.13	0.14	0.03	0.00	0.09	0.08
YoY Growth	-	-	201.24%	105.83%	0.00%	285.93%	-6.10%	347.89%	0.00%	-100.00%	6.63%	0.00%
Dividend Yield	-	-	15.29%	5.73%	3.69%	2.95%	1.40%	3.57%	0.48%	0.00%	0.98%	2.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.70
(-) Cash Dividends Paid (M)	12.11
(=) Cash Retained (M)	6.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.74	2.34	1.40
Cash Retained (M)	6.60	6.60	6.60
(-) Cash Required (M)	-3.74	-2.34	-1.40
(=) Excess Retained (M)	2.86	4.26	5.19
(/) Shares Outstanding (M)	11.53	11.53	11.53
(=) Excess Retained per Share	0.25	0.37	0.45
LTM Dividend per Share	1.05	1.05	1.05
(+) Excess Retained per Share	0.25	0.37	0.45
(=) Adjusted Dividend	1.30	1.42	1.50
WACC / Discount Rate	6.97%	6.97%	6.97%
Growth Rate	1.06%	2.06%	3.06%
Fair Value	$22.23	$29.56	$39.64
Upside / Downside	56.97%	108.75%	179.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.70	19.09	19.48	19.88	20.29	20.71	21.33
Payout Ratio	64.73%	69.78%	74.84%	79.89%	84.95%	90.00%	92.50%
Projected Dividends (M)	12.11	13.32	14.58	15.89	17.24	18.64	19.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.97%	6.97%	6.97%
Growth Rate	1.06%	2.06%	3.06%
Year 1 PV (M)	12.33	12.45	12.57
Year 2 PV (M)	12.49	12.74	12.99
Year 3 PV (M)	12.60	12.98	13.36
Year 4 PV (M)	12.66	13.17	13.69
Year 5 PV (M)	12.67	13.31	13.98
PV of Terminal Value (M)	338.18	355.24	372.99
Equity Value (M)	400.93	419.89	439.59
Shares Outstanding (M)	11.53	11.53	11.53
Fair Value	$34.79	$36.43	$38.14
Upside / Downside	145.67%	157.29%	169.36%

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Ludan Engineering Co. Ltd (LUDN.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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