DDM Analysis: PAHC

Valuation Snapshot

Stable Growth	$27.15 - $52.75	$37.32
Multi-Stage	$26.44 - $28.93	$27.66
Blended Fair Value	$32.49
Current Price	$40.46
Upside	-19.70%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.03%	2.23%	0.48	0.48	0.48	0.48	0.48	0.48	0.46	0.39	0.39	0.39
YoY Growth	-	-	0.04%	0.00%	0.00%	0.06%	0.06%	4.44%	15.67%	1.55%	0.76%	0.72%
Dividend Yield	-	-	1.18%	2.12%	3.74%	3.59%	2.21%	2.74%	2.14%	0.91%	1.05%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.82
(-) Cash Dividends Paid (M)	19.45
(=) Cash Retained (M)	48.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.56	8.48	5.09
Cash Retained (M)	48.36	48.36	48.36
(-) Cash Required (M)	-13.56	-8.48	-5.09
(=) Excess Retained (M)	34.80	39.89	43.28
(/) Shares Outstanding (M)	40.75	40.75	40.75
(=) Excess Retained per Share	0.85	0.98	1.06
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.85	0.98	1.06
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$27.15	$37.32	$52.75
Upside / Downside	-32.91%	-7.76%	30.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.82	70.97	74.26	77.71	81.32	85.09	87.65
Payout Ratio	28.68%	40.95%	53.21%	65.47%	77.74%	90.00%	92.50%
Projected Dividends (M)	19.45	29.06	39.51	50.88	63.21	76.58	81.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	26.47	26.73	26.98
Year 2 PV (M)	32.79	33.43	34.07
Year 3 PV (M)	38.46	39.58	40.73
Year 4 PV (M)	43.53	45.23	46.99
Year 5 PV (M)	48.04	50.40	52.86
PV of Terminal Value (M)	888.04	931.72	977.10
Equity Value (M)	1,077.34	1,127.09	1,178.72
Shares Outstanding (M)	40.75	40.75	40.75
Fair Value	$26.44	$27.66	$28.93
Upside / Downside	-34.66%	-31.64%	-28.51%

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Phibro Animal Health Corporation (PAHC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener