DDM Analysis: MNC.WA

Valuation Snapshot

Stable Growth	$740.54 - $1,913.54	$1,793.27
Multi-Stage	$268.23 - $293.89	$280.82
Blended Fair Value	$1,037.05
Current Price	$32.70
Upside	3,071.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.54%	10.70%	1.25	0.10	0.70	0.70	0.50	1.00	1.00	0.70	0.50	0.40
YoY Growth	-	-	1,149.93%	-85.71%	-0.10%	40.00%	-50.00%	0.00%	42.86%	40.00%	24.51%	-11.11%
Dividend Yield	-	-	5.21%	0.55%	4.14%	3.26%	2.53%	5.13%	4.24%	3.18%	2.54%	2.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	491.80
(-) Cash Dividends Paid (M)	30.60
(=) Cash Retained (M)	461.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.36	61.48	36.89
Cash Retained (M)	461.20	461.20	461.20
(-) Cash Required (M)	-98.36	-61.48	-36.89
(=) Excess Retained (M)	362.84	399.73	424.32
(/) Shares Outstanding (M)	51.11	51.11	51.11
(=) Excess Retained per Share	7.10	7.82	8.30
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	7.10	7.82	8.30
(=) Adjusted Dividend	7.70	8.42	8.90
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$740.54	$1,793.27	$1,913.54
Upside / Downside	2,164.66%	5,384.01%	5,751.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	491.80	523.77	557.81	594.07	632.68	673.81	694.02
Payout Ratio	6.22%	22.98%	39.73%	56.49%	73.24%	90.00%	92.50%
Projected Dividends (M)	30.60	120.35	221.64	335.58	463.41	606.43	641.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.84	112.90	113.96
Year 2 PV (M)	191.41	195.05	198.73
Year 3 PV (M)	269.33	277.06	284.93
Year 4 PV (M)	345.62	358.91	372.58
Year 5 PV (M)	420.32	440.62	461.70
PV of Terminal Value (M)	12,371.44	12,968.99	13,589.40
Equity Value (M)	13,709.95	14,353.53	15,021.31
Shares Outstanding (M)	51.11	51.11	51.11
Fair Value	$268.23	$280.82	$293.89
Upside / Downside	720.27%	758.78%	798.73%

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Mennica Polska S.A. (MNC.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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