DDM Analysis: NGI.AX

Valuation Snapshot

Stable Growth	$2.05 - $2.82	$2.44
Multi-Stage	$4.76 - $5.26	$5.00
Blended Fair Value	$3.72
Current Price	$1.12
Upside	232.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-9.84%	0.51%	0.04	0.02	0.02	0.08	0.05	0.07	0.07	0.06	0.05	0.04
YoY Growth	-	-	86.30%	0.17%	-71.34%	70.53%	-34.70%	2.76%	12.55%	16.02%	22.07%	7.87%
Dividend Yield	-	-	3.77%	1.73%	2.72%	9.77%	3.70%	9.25%	2.64%	1.65%	3.05%	2.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.06
(-) Cash Dividends Paid (M)	30.86
(=) Cash Retained (M)	125.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.21	19.51	11.70
Cash Retained (M)	125.20	125.20	125.20
(-) Cash Required (M)	-31.21	-19.51	-11.70
(=) Excess Retained (M)	93.99	105.69	113.50
(/) Shares Outstanding (M)	398.06	398.06	398.06
(=) Excess Retained per Share	0.24	0.27	0.29
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.24	0.27	0.29
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	7.59%	7.59%	7.59%
Growth Rate	-6.67%	-5.67%	-4.67%
Fair Value	$2.05	$2.44	$2.82
Upside / Downside	83.37%	118.01%	151.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.06	147.22	138.88	131.01	123.59	116.58	120.08
Payout Ratio	19.77%	33.82%	47.86%	61.91%	75.95%	90.00%	92.50%
Projected Dividends (M)	30.86	49.79	66.47	81.11	93.87	104.93	111.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.59%	7.59%	7.59%
Growth Rate	-6.67%	-5.67%	-4.67%
Year 1 PV (M)	45.79	46.28	46.77
Year 2 PV (M)	56.22	57.43	58.65
Year 3 PV (M)	63.08	65.13	67.22
Year 4 PV (M)	67.14	70.06	73.08
Year 5 PV (M)	69.01	72.79	76.73
PV of Terminal Value (M)	1,592.28	1,679.42	1,770.34
Equity Value (M)	1,893.50	1,991.10	2,092.79
Shares Outstanding (M)	398.06	398.06	398.06
Fair Value	$4.76	$5.00	$5.26
Upside / Downside	324.72%	346.61%	369.42%

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Navigator Global Investments Limited (NGI.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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