DDM Analysis: PLSN.TA

Valuation Snapshot

Stable Growth	$267.50 - $529.04	$370.20
Multi-Stage	$271.57 - $296.94	$284.02
Blended Fair Value	$327.11
Current Price	$199.90
Upside	63.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.96%	0.00%	7.00	2.00	2.00	6.00	5.00	5.00	5.00	5.00	4.00	2.00
YoY Growth	-	-	250.00%	0.00%	-66.67%	20.00%	0.00%	0.00%	0.00%	25.00%	100.00%	0.00%
Dividend Yield	-	-	3.77%	1.27%	1.39%	3.05%	3.14%	4.29%	3.20%	3.01%	3.54%	2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	152.64
(-) Cash Dividends Paid (M)	71.61
(=) Cash Retained (M)	81.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.53	19.08	11.45
Cash Retained (M)	81.03	81.03	81.03
(-) Cash Required (M)	-30.53	-19.08	-11.45
(=) Excess Retained (M)	50.50	61.95	69.58
(/) Shares Outstanding (M)	9.54	9.54	9.54
(=) Excess Retained per Share	5.29	6.49	7.29
LTM Dividend per Share	7.50	7.50	7.50
(+) Excess Retained per Share	5.29	6.49	7.29
(=) Adjusted Dividend	12.79	13.99	14.79
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$267.50	$370.20	$529.04
Upside / Downside	33.82%	85.19%	164.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	152.64	159.51	166.68	174.18	182.01	190.19	195.90
Payout Ratio	46.91%	55.53%	64.15%	72.77%	81.38%	90.00%	92.50%
Projected Dividends (M)	71.61	88.58	106.92	126.74	148.12	171.18	181.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	80.89	81.68	82.46
Year 2 PV (M)	89.18	90.91	92.66
Year 3 PV (M)	96.55	99.37	102.25
Year 4 PV (M)	103.05	107.09	111.25
Year 5 PV (M)	108.76	114.12	119.68
PV of Terminal Value (M)	2,113.64	2,217.75	2,325.91
Equity Value (M)	2,592.08	2,710.92	2,834.22
Shares Outstanding (M)	9.54	9.54	9.54
Fair Value	$271.57	$284.02	$296.94
Upside / Downside	35.85%	42.08%	48.54%

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Plasson Industries Ltd (PLSN.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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