DDM Analysis: A2B.AX

Valuation Snapshot

Stable Growth	$2.32 - $3.16	$2.75
Multi-Stage	$4.16 - $4.59	$4.37
Blended Fair Value	$3.56
Current Price	$2.14
Upside	66.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-59.18%	-41.87%	0.00	0.00	0.00	0.08	0.08	0.14	0.20	0.20	0.20	0.26
YoY Growth	-	-	130.12%	23.88%	-99.31%	0.73%	-42.86%	-30.00%	0.00%	0.00%	-25.93%	-25.00%
Dividend Yield	-	-	0.10%	0.06%	0.04%	9.73%	4.40%	5.71%	7.74%	6.13%	5.35%	6.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.49
(-) Cash Dividends Paid (M)	6.06
(=) Cash Retained (M)	50.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.30	7.06	4.24
Cash Retained (M)	50.43	50.43	50.43
(-) Cash Required (M)	-11.30	-7.06	-4.24
(=) Excess Retained (M)	39.13	43.37	46.19
(/) Shares Outstanding (M)	123.08	123.08	123.08
(=) Excess Retained per Share	0.32	0.35	0.38
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.32	0.35	0.38
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	-5.68%	-4.68%	-3.68%
Fair Value	$2.32	$2.75	$3.16
Upside / Downside	8.36%	28.37%	47.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.49	53.85	51.33	48.93	46.64	44.46	45.79
Payout Ratio	10.73%	26.59%	42.44%	58.29%	74.15%	90.00%	92.50%
Projected Dividends (M)	6.06	14.32	21.78	28.52	34.58	40.01	42.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	-5.68%	-4.68%	-3.68%
Year 1 PV (M)	12.96	13.10	13.24
Year 2 PV (M)	17.87	18.25	18.63
Year 3 PV (M)	21.19	21.87	22.56
Year 4 PV (M)	23.27	24.27	25.30
Year 5 PV (M)	24.38	25.70	27.08
PV of Terminal Value (M)	412.33	434.65	457.94
Equity Value (M)	511.99	537.84	564.75
Shares Outstanding (M)	123.08	123.08	123.08
Fair Value	$4.16	$4.37	$4.59
Upside / Downside	94.39%	104.20%	114.42%

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8848.T	Leopalace21 Corporation	1.26%	$8.31	27.11%
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CAST.ST	Castellum AB (publ)	1.26%	$1.33	21.53%
CRH	CRH plc	1.26%	$1.60	33.62%
HBEL.BO	Humming Bird Education Limited	1.26%	$0.30	36.54%
JCI	Johnson Controls International plc	1.26%	$1.54	56.71%
KOG.OL	Kongsberg Gruppen ASA	1.26%	$3.40	42.40%
OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
SAREGAMA.BO	Saregama India Limited	1.26%	$4.51	42.77%
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145720.KS	Dentium Co. Ltd.	1.25%	$599.51	9.81%
204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
9719.T	SCSK Corporation	1.25%	$70.95	36.13%
ENTER.AT	Entersoft S.A.	1.25%	$0.10	20.30%
ETN	Eaton Corporation plc	1.25%	$4.08	40.54%
IRFC.BO	Indian Railway Finance Corporation Limited	1.25%	$1.60	30.59%
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ORSTED.CO	Ørsted A/S	1.25%	$1.60	10.19%
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002748.SZ	Jiangxi Selon Industrial Co., Ltd.	1.24%	$0.16	89.09%
1976.T	MEISEI INDUSTRIAL Co.,Ltd.	1.24%	$21.03	12.53%
300763.SZ	Ginlong Technologies Co., Ltd.	1.24%	$0.88	39.17%
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A2B Australia Limited (A2B.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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