DDM Analysis: ATRUST.AT

Valuation Snapshot

Stable Growth	$9.43 - $15.43	$12.11
Multi-Stage	$14.72 - $16.13	$15.41
Blended Fair Value	$13.76
Current Price	$8.38
Upside	64.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.43%	-10.49%	0.53	0.21	0.34	0.64	0.67	0.10	0.15	0.00	0.15	0.20
YoY Growth	-	-	149.11%	-36.38%	-47.29%	-4.81%	586.60%	-35.05%	0.00%	-100.00%	-24.99%	-87.56%
Dividend Yield	-	-	6.19%	2.93%	6.40%	12.62%	12.40%	1.25%	0.21%	0.00%	0.06%	10.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2.58
(-) Cash Dividends Paid (M)	1.72
(=) Cash Retained (M)	0.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.52	0.32	0.19
Cash Retained (M)	0.86	0.86	0.86
(-) Cash Required (M)	-0.52	-0.32	-0.19
(=) Excess Retained (M)	0.34	0.54	0.66
(/) Shares Outstanding (M)	3.08	3.08	3.08
(=) Excess Retained per Share	0.11	0.17	0.22
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.11	0.17	0.22
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	0.58%	1.58%	2.58%
Fair Value	$9.43	$12.11	$15.43
Upside / Downside	12.48%	44.46%	84.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.58	2.62	2.66	2.71	2.75	2.79	2.88
Payout Ratio	66.75%	71.40%	76.05%	80.70%	85.35%	90.00%	92.50%
Projected Dividends (M)	1.72	1.87	2.03	2.18	2.35	2.51	2.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	0.58%	1.58%	2.58%
Year 1 PV (M)	1.72	1.74	1.76
Year 2 PV (M)	1.71	1.75	1.78
Year 3 PV (M)	1.70	1.75	1.80
Year 4 PV (M)	1.67	1.74	1.81
Year 5 PV (M)	1.65	1.73	1.82
PV of Terminal Value (M)	36.94	38.81	40.76
Equity Value (M)	45.39	47.52	49.72
Shares Outstanding (M)	3.08	3.08	3.08
Fair Value	$14.72	$15.41	$16.13
Upside / Downside	75.69%	83.92%	92.47%

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Financial Statements

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Alpha Trust Mutual Fund and Alternative Investment Fund Management S.A. (ATRUST.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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