DDM Analysis: QRS.WA

Valuation Snapshot

Stable Growth	$11.30 - $17.85	$14.29
Multi-Stage	$12.58 - $13.79	$13.17
Blended Fair Value	$13.73
Current Price	$10.85
Upside	26.58%
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%	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	56.88%	59.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.16%	0.14%	0.16%	0.00%	0.00%	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)	55.52
(-) Cash Dividends Paid (M)	1.13
(=) Cash Retained (M)	54.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.10	6.94	4.16
Cash Retained (M)	54.39	54.39	54.39
(-) Cash Required (M)	-11.10	-6.94	-4.16
(=) Excess Retained (M)	43.29	47.45	50.23
(/) Shares Outstanding (M)	50.80	50.80	50.80
(=) Excess Retained per Share	0.85	0.93	0.99
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.85	0.93	0.99
(=) Adjusted Dividend	0.87	0.96	1.01
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	2.08%	3.08%	4.08%
Fair Value	$11.30	$14.29	$17.85
Upside / Downside	4.18%	31.75%	64.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.52	57.23	58.99	60.81	62.68	64.61	66.55
Payout Ratio	2.03%	19.62%	37.22%	54.81%	72.41%	90.00%	92.50%
Projected Dividends (M)	1.13	11.23	21.96	33.33	45.38	58.15	61.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	2.08%	3.08%	4.08%
Year 1 PV (M)	10.11	10.21	10.31
Year 2 PV (M)	17.80	18.15	18.51
Year 3 PV (M)	24.34	25.06	25.79
Year 4 PV (M)	29.84	31.03	32.25
Year 5 PV (M)	34.43	36.15	37.94
PV of Terminal Value (M)	522.51	548.61	575.74
Equity Value (M)	639.03	669.21	700.54
Shares Outstanding (M)	50.80	50.80	50.80
Fair Value	$12.58	$13.17	$13.79
Upside / Downside	15.93%	21.40%	27.09%

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Quercus TFI S.A. (QRS.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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