DDM Analysis: SPINNEYS.AE

Valuation Snapshot

Stable Growth	$0.86 - $1.34	$1.08
Multi-Stage	$2.03 - $2.24	$2.13
Blended Fair Value	$1.61
Current Price	$1.54
Upside	4.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.03	0.05	0.06	0.05	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-48.09%	-9.64%	10.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.85%	3.43%	3.80%	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)	329.61
(-) Cash Dividends Paid (M)	220.32
(=) Cash Retained (M)	109.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.92	41.20	24.72
Cash Retained (M)	109.29	109.29	109.29
(-) Cash Required (M)	-65.92	-41.20	-24.72
(=) Excess Retained (M)	43.36	68.09	84.57
(/) Shares Outstanding (M)	3,599.53	3,599.53	3,599.53
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.86	$1.08	$1.34
Upside / Downside	-44.01%	-29.70%	-13.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	329.61	326.31	323.05	319.82	316.62	313.45	322.86
Payout Ratio	66.84%	71.47%	76.11%	80.74%	85.37%	90.00%	92.50%
Projected Dividends (M)	220.32	233.23	245.86	258.21	270.29	282.11	298.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	217.14	219.35	221.57
Year 2 PV (M)	213.10	217.47	221.89
Year 3 PV (M)	208.36	214.81	221.38
Year 4 PV (M)	203.06	211.48	220.15
Year 5 PV (M)	197.32	207.59	218.29
PV of Terminal Value (M)	6,279.27	6,606.24	6,946.70
Equity Value (M)	7,318.24	7,676.94	8,049.98
Shares Outstanding (M)	3,599.53	3,599.53	3,599.53
Fair Value	$2.03	$2.13	$2.24
Upside / Downside	32.02%	38.49%	45.22%

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Spinneys 1961 Hold (SPINNEYS.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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