DDM Analysis: 2070.SR

Valuation Snapshot

Stable Growth	$8.90 - $13.62	$11.10
Multi-Stage	$15.89 - $17.51	$16.69
Blended Fair Value	$13.89
Current Price	$29.30
Upside	-52.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-52.76%	-26.92%	0.02	0.00	0.60	1.00	0.50	1.00	1.48	0.98	0.00	1.29
YoY Growth	-	-	502.60%	-99.35%	-40.11%	100.27%	-50.07%	-32.89%	51.11%	0.00%	-100.00%	139.81%
Dividend Yield	-	-	0.09%	0.01%	2.51%	2.67%	1.21%	3.68%	5.37%	3.24%	0.00%	4.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	116.89
(-) Cash Dividends Paid (M)	1.93
(=) Cash Retained (M)	114.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.38	14.61	8.77
Cash Retained (M)	114.96	114.96	114.96
(-) Cash Required (M)	-23.38	-14.61	-8.77
(=) Excess Retained (M)	91.58	100.35	106.19
(/) Shares Outstanding (M)	118.63	118.63	118.63
(=) Excess Retained per Share	0.77	0.85	0.90
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.77	0.85	0.90
(=) Adjusted Dividend	0.79	0.86	0.91
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-1.32%	-0.32%	0.68%
Fair Value	$8.90	$11.10	$13.62
Upside / Downside	-69.62%	-62.10%	-53.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	116.89	116.51	116.14	115.76	115.39	115.02	118.47
Payout Ratio	1.65%	19.32%	36.99%	54.66%	72.33%	90.00%	92.50%
Projected Dividends (M)	1.93	22.51	42.96	63.28	83.46	103.52	109.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-1.32%	-0.32%	0.68%
Year 1 PV (M)	20.75	20.96	21.17
Year 2 PV (M)	36.49	37.23	37.98
Year 3 PV (M)	49.53	51.05	52.61
Year 4 PV (M)	60.21	62.69	65.25
Year 5 PV (M)	68.83	72.39	76.09
PV of Terminal Value (M)	1,649.79	1,735.10	1,823.90
Equity Value (M)	1,885.60	1,979.42	2,076.99
Shares Outstanding (M)	118.63	118.63	118.63
Fair Value	$15.89	$16.69	$17.51
Upside / Downside	-45.75%	-43.05%	-40.25%

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Financial Statements

Fundamentals

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Ticker

Industry

Sector

Saudi Pharmaceutical Industries and Medical Appliances Corporation (2070.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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