DDM Analysis: POLP.TA

Valuation Snapshot

Stable Growth	$18.03 - $98.55	$35.00
Multi-Stage	$10.72 - $11.70	$11.20
Blended Fair Value	$23.10
Current Price	$10.60
Upside	117.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	42.13%	0.00%	0.53	0.38	0.45	0.64	0.73	0.09	0.53	0.29	0.00	0.00
YoY Growth	-	-	38.10%	-16.00%	-28.57%	-12.50%	700.00%	-82.76%	81.25%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.33%	3.67%	5.27%	4.26%	7.24%	0.97%	5.60%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.62
(-) Cash Dividends Paid (M)	40.00
(=) Cash Retained (M)	14.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.92	6.83	4.10
Cash Retained (M)	14.62	14.62	14.62
(-) Cash Required (M)	-10.92	-6.83	-4.10
(=) Excess Retained (M)	3.70	7.80	10.53
(/) Shares Outstanding (M)	110.23	110.23	110.23
(=) Excess Retained per Share	0.03	0.07	0.10
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.03	0.07	0.10
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.03	$35.00	$98.55
Upside / Downside	70.12%	230.22%	829.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.62	58.17	61.96	65.98	70.27	74.84	77.08
Payout Ratio	73.23%	76.58%	79.94%	83.29%	86.65%	90.00%	92.50%
Projected Dividends (M)	40.00	44.55	49.53	54.96	60.89	67.36	71.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.93	41.32	41.71
Year 2 PV (M)	41.81	42.60	43.41
Year 3 PV (M)	42.62	43.85	45.09
Year 4 PV (M)	43.39	45.06	46.77
Year 5 PV (M)	44.10	46.23	48.44
PV of Terminal Value (M)	968.65	1,015.43	1,064.01
Equity Value (M)	1,181.49	1,234.48	1,289.43
Shares Outstanding (M)	110.23	110.23	110.23
Fair Value	$10.72	$11.20	$11.70
Upside / Downside	1.11%	5.65%	10.35%

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Polyram Plastic Industries Ltd. (POLP.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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