DDM Analysis: 0EXG.IL

Valuation Snapshot

Stable Growth	$98.29 - $194.96	$182.71
Multi-Stage	$30.65 - $33.52	$32.06
Blended Fair Value	$107.38
Current Price	$21.48
Upside	399.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.00%	7.49%	0.68	0.58	0.79	0.29	0.35	0.33	0.64	0.69	0.29	0.65
YoY Growth	-	-	18.18%	-26.52%	172.93%	-16.52%	6.15%	-49.07%	-7.72%	136.23%	-54.74%	95.00%
Dividend Yield	-	-	3.49%	3.14%	3.64%	1.33%	2.41%	1.98%	4.85%	4.68%	1.75%	4.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	615.00
(-) Cash Dividends Paid (M)	388.00
(=) Cash Retained (M)	227.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	123.00	76.88	46.13
Cash Retained (M)	227.00	227.00	227.00
(-) Cash Required (M)	-123.00	-76.88	-46.13
(=) Excess Retained (M)	104.00	150.13	180.88
(/) Shares Outstanding (M)	627.34	627.34	627.34
(=) Excess Retained per Share	0.17	0.24	0.29
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	0.17	0.24	0.29
(=) Adjusted Dividend	0.78	0.86	0.91
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.29	$182.71	$194.96
Upside / Downside	357.58%	750.60%	807.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	615.00	654.98	697.55	742.89	791.18	842.60	867.88
Payout Ratio	63.09%	68.47%	73.85%	79.24%	84.62%	90.00%	92.50%
Projected Dividends (M)	388.00	448.47	515.16	588.63	669.48	758.34	802.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	417.77	421.73	425.69
Year 2 PV (M)	447.04	455.55	464.15
Year 3 PV (M)	475.82	489.48	503.40
Year 4 PV (M)	504.12	523.50	543.44
Year 5 PV (M)	531.94	557.63	584.31
PV of Terminal Value (M)	16,850.54	17,664.43	18,509.47
Equity Value (M)	19,227.22	20,112.32	21,030.45
Shares Outstanding (M)	627.34	627.34	627.34
Fair Value	$30.65	$32.06	$33.52
Upside / Downside	42.69%	49.25%	56.07%

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TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
0L5A.L	Sempra	2.69%	$2.41	72.79%

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Jerónimo Martins, SGPS, S.A. (0EXG.IL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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