DDM Analysis: MDTR.TA

Valuation Snapshot

Stable Growth	$85.94 - $404.17	$190.18
Multi-Stage	$45.60 - $49.87	$47.70
Blended Fair Value	$118.94
Current Price	$13.57
Upside	776.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.86%	6.17%	0.52	0.39	0.52	0.52	0.00	0.33	0.33	0.26	0.19	0.00
YoY Growth	-	-	33.33%	-25.00%	0.00%	0.00%	-100.00%	0.00%	25.00%	40.35%	0.00%	-100.00%
Dividend Yield	-	-	4.58%	4.07%	7.39%	4.82%	0.00%	4.96%	5.00%	3.64%	3.36%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	310.94
(-) Cash Dividends Paid (M)	100.00
(=) Cash Retained (M)	210.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.19	38.87	23.32
Cash Retained (M)	210.94	210.94	210.94
(-) Cash Required (M)	-62.19	-38.87	-23.32
(=) Excess Retained (M)	148.75	172.07	187.62
(/) Shares Outstanding (M)	153.00	153.00	153.00
(=) Excess Retained per Share	0.97	1.12	1.23
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	0.97	1.12	1.23
(=) Adjusted Dividend	1.63	1.78	1.88
WACC / Discount Rate	7.50%	7.50%	7.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.94	$190.18	$404.17
Upside / Downside	533.32%	1,301.46%	2,878.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	310.94	331.15	352.67	375.60	400.01	426.01	438.79
Payout Ratio	32.16%	43.73%	55.30%	66.86%	78.43%	90.00%	92.50%
Projected Dividends (M)	100.00	144.81	195.02	251.14	313.74	383.41	405.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.50%	7.50%	7.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	133.44	134.71	135.97
Year 2 PV (M)	165.61	168.77	171.95
Year 3 PV (M)	196.54	202.18	207.93
Year 4 PV (M)	226.26	234.96	243.91
Year 5 PV (M)	254.81	267.12	279.90
PV of Terminal Value (M)	5,999.96	6,289.76	6,590.66
Equity Value (M)	6,976.63	7,297.51	7,630.32
Shares Outstanding (M)	153.00	153.00	153.00
Fair Value	$45.60	$47.70	$49.87
Upside / Downside	236.03%	251.48%	267.51%

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Mediterranean Towers Ltd. (MDTR.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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