DDM Analysis: PTBL.TA

Valuation Snapshot

Stable Growth	$1,576.23 - $5,902.86	$4,697.02
Multi-Stage	$1,310.92 - $1,437.87	$1,373.20
Blended Fair Value	$3,035.11
Current Price	$396.80
Upside	664.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.64%	0.00%	19.78	0.00	0.00	0.00	13.19	15.04	13.19	19.78	13.19	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-12.28%	14.00%	-33.33%	50.00%	0.00%	0.00%
Dividend Yield	-	-	9.12%	0.00%	0.00%	0.00%	4.32%	7.38%	4.89%	7.17%	4.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	229.00
(-) Cash Dividends Paid (M)	150.00
(=) Cash Retained (M)	79.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.80	28.63	17.18
Cash Retained (M)	79.00	79.00	79.00
(-) Cash Required (M)	-45.80	-28.63	-17.18
(=) Excess Retained (M)	33.20	50.38	61.83
(/) Shares Outstanding (M)	7.58	7.58	7.58
(=) Excess Retained per Share	4.38	6.64	8.15
LTM Dividend per Share	19.78	19.78	19.78
(+) Excess Retained per Share	4.38	6.64	8.15
(=) Adjusted Dividend	24.16	26.43	27.94
WACC / Discount Rate	5.23%	5.23%	5.23%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$1,576.23	$4,697.02	$5,902.86
Upside / Downside	297.23%	1,083.73%	1,387.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	229.00	239.63	250.75	262.40	274.58	287.32	295.94
Payout Ratio	65.50%	70.40%	75.30%	80.20%	85.10%	90.00%	92.50%
Projected Dividends (M)	150.00	168.70	188.82	210.44	233.67	258.59	273.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.23%	5.23%	5.23%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	158.79	160.32	161.85
Year 2 PV (M)	167.27	170.52	173.79
Year 3 PV (M)	175.47	180.59	185.82
Year 4 PV (M)	183.37	190.56	197.94
Year 5 PV (M)	191.00	200.40	210.16
PV of Terminal Value (M)	9,063.45	9,509.21	9,972.35
Equity Value (M)	9,939.35	10,411.59	10,901.91
Shares Outstanding (M)	7.58	7.58	7.58
Fair Value	$1,310.92	$1,373.20	$1,437.87
Upside / Downside	230.37%	246.07%	262.37%

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Property & Building Corp. Ltd. (PTBL.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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