DDM Analysis: WGX.AX

Valuation Snapshot

Stable Growth	$4.56 - $10.42	$6.65
Multi-Stage	$3.21 - $3.51	$3.35
Blended Fair Value	$5.00
Current Price	$2.87
Upside	74.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.01	0.01	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	25.16%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.36%	0.34%	0.00%	0.91%	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)	129.98
(-) Cash Dividends Paid (M)	10.66
(=) Cash Retained (M)	119.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.00	16.25	9.75
Cash Retained (M)	119.32	119.32	119.32
(-) Cash Required (M)	-26.00	-16.25	-9.75
(=) Excess Retained (M)	93.32	103.07	109.57
(/) Shares Outstanding (M)	581.70	581.70	581.70
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.56	$6.65	$10.42
Upside / Downside	59.05%	131.68%	263.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	129.98	138.43	147.43	157.01	167.22	178.09	183.43
Payout Ratio	8.20%	24.56%	40.92%	57.28%	73.64%	90.00%	92.50%
Projected Dividends (M)	10.66	34.00	60.33	89.94	123.14	160.28	169.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	30.73	31.02	31.31
Year 2 PV (M)	49.26	50.20	51.14
Year 3 PV (M)	66.35	68.26	70.20
Year 4 PV (M)	82.09	85.24	88.49
Year 5 PV (M)	96.54	101.21	106.05
PV of Terminal Value (M)	1,541.11	1,615.54	1,692.83
Equity Value (M)	1,866.08	1,951.47	2,040.02
Shares Outstanding (M)	581.70	581.70	581.70
Fair Value	$3.21	$3.35	$3.51
Upside / Downside	11.78%	16.89%	22.19%

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Westgold Resources Limited (WGX.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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