DDM Analysis: SEMG.TA

Valuation Snapshot

Stable Growth	$3.14 - $4.46	$3.79
Multi-Stage	$4.78 - $5.24	$5.01
Blended Fair Value	$4.40
Current Price	$2.80
Upside	57.07%
Decision	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%	0.00	0.00	0.01	0.06	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-86.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.39%	1.65%	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)	15.38
(-) Cash Dividends Paid (M)	3.97
(=) Cash Retained (M)	11.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.08	1.92	1.15
Cash Retained (M)	11.42	11.42	11.42
(-) Cash Required (M)	-3.08	-1.92	-1.15
(=) Excess Retained (M)	8.34	9.49	10.26
(/) Shares Outstanding (M)	32.39	32.39	32.39
(=) Excess Retained per Share	0.26	0.29	0.32
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.26	0.29	0.32
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.14	$3.79	$4.46
Upside / Downside	12.16%	35.34%	59.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.38	15.23	15.08	14.93	14.78	14.63	15.07
Payout Ratio	25.79%	38.63%	51.47%	64.32%	77.16%	90.00%	92.50%
Projected Dividends (M)	3.97	5.88	7.76	9.60	11.40	13.17	13.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.30	5.36	5.41
Year 2 PV (M)	6.30	6.43	6.56
Year 3 PV (M)	7.02	7.24	7.46
Year 4 PV (M)	7.52	7.83	8.15
Year 5 PV (M)	7.82	8.23	8.65
PV of Terminal Value (M)	120.79	127.08	133.63
Equity Value (M)	154.76	162.17	169.87
Shares Outstanding (M)	32.39	32.39	32.39
Fair Value	$4.78	$5.01	$5.24
Upside / Downside	70.63%	78.80%	87.29%

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Seach Medical Group Ltd (SEMG.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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