DDM Analysis: OSW

Valuation Snapshot

Stable Growth	$18.88 - $60.75	$30.52
Multi-Stage	$12.27 - $13.42	$12.83
Blended Fair Value	$21.68
Current Price	$21.14
Upside	2.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.34%	0.00%	0.08	0.00	0.00	0.00	0.02	0.04	0.15	0.58	0.67	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-42.63%	-72.84%	-74.23%	-13.44%	0.00%	0.00%
Dividend Yield	-	-	0.47%	0.00%	0.00%	0.00%	0.22%	1.00%	1.11%	6.06%	6.93%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.94
(-) Cash Dividends Paid (M)	16.56
(=) Cash Retained (M)	57.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.79	9.24	5.55
Cash Retained (M)	57.38	57.38	57.38
(-) Cash Required (M)	-14.79	-9.24	-5.55
(=) Excess Retained (M)	42.59	48.14	51.84
(/) Shares Outstanding (M)	104.75	104.75	104.75
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	8.66%	8.66%	8.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.88	$30.52	$60.75
Upside / Downside	-10.68%	44.37%	187.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.94	78.75	83.87	89.32	95.13	101.31	104.35
Payout Ratio	22.40%	35.92%	49.44%	62.96%	76.48%	90.00%	92.50%
Projected Dividends (M)	16.56	28.29	41.46	56.24	72.75	91.18	96.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.66%	8.66%	8.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25.79	26.03	26.28
Year 2 PV (M)	34.46	35.12	35.78
Year 3 PV (M)	42.62	43.84	45.09
Year 4 PV (M)	50.26	52.20	54.18
Year 5 PV (M)	57.43	60.21	63.09
PV of Terminal Value (M)	1,075.03	1,126.96	1,180.87
Equity Value (M)	1,285.60	1,344.35	1,405.29
Shares Outstanding (M)	104.75	104.75	104.75
Fair Value	$12.27	$12.83	$13.42
Upside / Downside	-41.94%	-39.29%	-36.54%

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OneSpaWorld Holdings Limited (OSW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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