DDM Analysis: NZL.NZ

Valuation Snapshot

Stable Growth	$2.49 - $3.95	$3.16
Multi-Stage	$6.22 - $6.86	$6.54
Blended Fair Value	$4.85
Current Price	$0.92
Upside	426.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2023	2022	2021
DPS	0.00%	0.00%	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.93
(-) Cash Dividends Paid (M)	1.19
(=) Cash Retained (M)	32.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.79	4.24	2.54
Cash Retained (M)	32.74	32.74	32.74
(-) Cash Required (M)	-6.79	-4.24	-2.54
(=) Excess Retained (M)	25.96	28.50	30.20
(/) Shares Outstanding (M)	136.17	136.17	136.17
(=) Excess Retained per Share	0.19	0.21	0.22
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.19	0.21	0.22
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.49	$3.16	$3.95
Upside / Downside	170.94%	243.15%	329.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.93	33.59	33.26	32.93	32.60	32.27	33.24
Payout Ratio	3.51%	20.81%	38.10%	55.40%	72.70%	90.00%	92.50%
Projected Dividends (M)	1.19	6.99	12.67	18.24	23.70	29.04	30.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.54	6.60	6.67
Year 2 PV (M)	11.09	11.31	11.54
Year 3 PV (M)	14.92	15.39	15.86
Year 4 PV (M)	18.13	18.89	19.66
Year 5 PV (M)	20.79	21.87	23.00
PV of Terminal Value (M)	775.45	815.82	857.87
Equity Value (M)	846.91	889.88	934.60
Shares Outstanding (M)	136.17	136.17	136.17
Fair Value	$6.22	$6.54	$6.86
Upside / Downside	576.03%	610.33%	646.02%

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New Zealand Rural Land Company Limited (NZL.NZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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