DDM Analysis: NZX.NZ

Valuation Snapshot

Stable Growth	$2.08 - $4.13	$2.88
Multi-Stage	$1.93 - $2.11	$2.02
Blended Fair Value	$2.45
Current Price	$1.49
Upside	64.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.78%	3.77%	0.05	0.05	0.05	0.04	0.04	0.04	0.05	0.05	0.05	0.05
YoY Growth	-	-	1.64%	3.42%	23.70%	-11.35%	14.91%	-26.62%	8.72%	0.06%	1.64%	34.69%
Dividend Yield	-	-	3.53%	4.66%	4.06%	2.23%	2.33%	2.91%	5.35%	4.44%	4.74%	4.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.41
(-) Cash Dividends Paid (M)	31.30
(=) Cash Retained (M)	9.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.08	5.05	3.03
Cash Retained (M)	9.11	9.11	9.11
(-) Cash Required (M)	-8.08	-5.05	-3.03
(=) Excess Retained (M)	1.03	4.06	6.08
(/) Shares Outstanding (M)	329.80	329.80	329.80
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	4.35%	5.35%	6.35%
Fair Value	$2.08	$2.88	$4.13
Upside / Downside	39.63%	93.55%	177.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.41	42.57	44.85	47.25	49.78	52.44	54.01
Payout Ratio	77.46%	79.97%	82.47%	84.98%	87.49%	90.00%	92.50%
Projected Dividends (M)	31.30	34.04	36.99	40.15	43.55	47.19	49.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	4.35%	5.35%	6.35%
Year 1 PV (M)	30.86	31.16	31.45
Year 2 PV (M)	30.40	30.98	31.57
Year 3 PV (M)	29.91	30.78	31.66
Year 4 PV (M)	29.41	30.55	31.73
Year 5 PV (M)	28.89	30.30	31.77
PV of Terminal Value (M)	488.07	511.91	536.67
Equity Value (M)	637.53	665.68	694.85
Shares Outstanding (M)	329.80	329.80	329.80
Fair Value	$1.93	$2.02	$2.11
Upside / Downside	29.74%	35.46%	41.40%

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NZX Limited (NZX.NZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener