DDM Analysis: 6010.SR

Valuation Snapshot

Stable Growth	$47.79 - $100.45	$67.63
Multi-Stage	$34.16 - $37.36	$35.73
Blended Fair Value	$51.68
Current Price	$21.81
Upside	136.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.65%	4.55%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.11
YoY Growth	-	-	63.66%	4.65%	-28.51%	28.14%	5.72%	5.69%	1,454.81%	-99.96%	14.11%	13,146.42%
Dividend Yield	-	-	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	1.12%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	777.40
(-) Cash Dividends Paid (M)	0.18
(=) Cash Retained (M)	777.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	155.48	97.18	58.31
Cash Retained (M)	777.22	777.22	777.22
(-) Cash Required (M)	-155.48	-97.18	-58.31
(=) Excess Retained (M)	621.74	680.04	718.91
(/) Shares Outstanding (M)	301.64	301.64	301.64
(=) Excess Retained per Share	2.06	2.25	2.38
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	2.06	2.25	2.38
(=) Adjusted Dividend	2.06	2.26	2.38
WACC / Discount Rate	10.05%	10.05%	10.05%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$47.79	$67.63	$100.45
Upside / Downside	119.13%	210.08%	360.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	777.40	827.93	881.75	939.06	1,000.10	1,065.11	1,097.06
Payout Ratio	0.02%	18.02%	36.01%	54.01%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.18	149.19	317.55	507.18	720.12	958.60	1,014.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.05%	10.05%	10.05%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	134.29	135.56	136.83
Year 2 PV (M)	257.30	262.20	267.14
Year 3 PV (M)	369.90	380.52	391.34
Year 4 PV (M)	472.75	490.93	509.64
Year 5 PV (M)	566.47	593.83	622.23
PV of Terminal Value (M)	8,504.37	8,915.13	9,341.62
Equity Value (M)	10,305.07	10,778.17	11,268.80
Shares Outstanding (M)	301.64	301.64	301.64
Fair Value	$34.16	$35.73	$37.36
Upside / Downside	56.64%	63.83%	71.29%

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The National Agricultural Development Company (6010.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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