DDM Analysis: PXS

Valuation Snapshot

Stable Growth	$0.73 - $2.67	$1.22
Multi-Stage	$0.59 - $0.65	$0.62
Blended Fair Value	$0.92
Current Price	$2.82
Upside	-67.32%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.72	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	21.11%	0.00%	0.00%	0.00%	0.16%	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)	0.27
(-) Cash Dividends Paid (M)	0.18
(=) Cash Retained (M)	0.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.05	0.03	0.02
Cash Retained (M)	0.09	0.09	0.09
(-) Cash Required (M)	-0.05	-0.03	-0.02
(=) Excess Retained (M)	0.04	0.06	0.07
(/) Shares Outstanding (M)	10.47	10.47	10.47
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	4.38%	5.38%	6.38%
Fair Value	$0.73	$1.22	$2.67
Upside / Downside	-73.99%	-56.59%	-5.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	0.27	0.29	0.30	0.32	0.34	0.35	0.36
Payout Ratio	66.98%	71.58%	76.19%	80.79%	85.40%	90.00%	92.50%
Projected Dividends (M)	0.18	0.21	0.23	0.26	0.29	0.32	0.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	4.38%	5.38%	6.38%
Year 1 PV (M)	0.19	0.19	0.19
Year 2 PV (M)	0.20	0.20	0.20
Year 3 PV (M)	0.20	0.21	0.21
Year 4 PV (M)	0.21	0.22	0.22
Year 5 PV (M)	0.21	0.22	0.23
PV of Terminal Value (M)	5.19	5.45	5.71
Equity Value (M)	6.20	6.48	6.78
Shares Outstanding (M)	10.47	10.47	10.47
Fair Value	$0.59	$0.62	$0.65
Upside / Downside	-79.00%	-78.04%	-77.05%

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Pyxis Tankers Inc. (PXS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener