DDM Analysis: MNRT.TA

Valuation Snapshot

Stable Growth	$10.38 - $39.09	$30.64
Multi-Stage	$4.91 - $5.37	$5.13
Blended Fair Value	$17.89
Current Price	$2.17
Upside	724.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.27%	0.00%	0.11	0.10	0.10	0.07	0.04	0.02	0.02	0.01	0.00	0.00
YoY Growth	-	-	12.49%	-7.52%	50.88%	78.13%	56.10%	9.33%	298.94%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.89%	5.47%	6.51%	3.05%	2.13%	1.53%	1.35%	0.32%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162.35
(-) Cash Dividends Paid (M)	70.15
(=) Cash Retained (M)	92.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.47	20.29	12.18
Cash Retained (M)	92.21	92.21	92.21
(-) Cash Required (M)	-32.47	-20.29	-12.18
(=) Excess Retained (M)	59.74	71.91	80.03
(/) Shares Outstanding (M)	826.06	826.06	826.06
(=) Excess Retained per Share	0.07	0.09	0.10
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.07	0.09	0.10
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.38	$30.64	$39.09
Upside / Downside	378.46%	1,312.16%	1,701.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162.35	172.91	184.15	196.12	208.86	222.44	229.11
Payout Ratio	43.21%	52.56%	61.92%	71.28%	80.64%	90.00%	92.50%
Projected Dividends (M)	70.15	90.89	114.03	139.80	168.43	200.20	211.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	84.07	84.86	85.66
Year 2 PV (M)	97.56	99.42	101.29
Year 3 PV (M)	110.63	113.80	117.04
Year 4 PV (M)	123.28	128.03	132.90
Year 5 PV (M)	135.54	142.09	148.88
PV of Terminal Value (M)	3,501.60	3,670.73	3,846.33
Equity Value (M)	4,052.68	4,238.93	4,432.11
Shares Outstanding (M)	826.06	826.06	826.06
Fair Value	$4.91	$5.13	$5.37
Upside / Downside	126.08%	136.47%	147.25%

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Menivim - The New Reit Ltd (MNRT.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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