DDM Analysis: 9546.SR

Valuation Snapshot

Stable Growth	$52.53 - $80.71	$65.66
Multi-Stage	$112.17 - $123.66	$117.80
Blended Fair Value	$91.73
Current Price	$67.00
Upside	36.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.20	0.20	0.00	0.17	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.33%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.61
(-) Cash Dividends Paid (M)	5.25
(=) Cash Retained (M)	55.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.12	7.58	4.55
Cash Retained (M)	55.36	55.36	55.36
(-) Cash Required (M)	-12.12	-7.58	-4.55
(=) Excess Retained (M)	43.24	47.78	50.81
(/) Shares Outstanding (M)	10.50	10.50	10.50
(=) Excess Retained per Share	4.12	4.55	4.84
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	4.12	4.55	4.84
(=) Adjusted Dividend	4.62	5.05	5.34
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$52.53	$65.66	$80.71
Upside / Downside	-21.60%	-2.01%	20.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.61	60.00	59.40	58.81	58.22	57.64	59.37
Payout Ratio	8.66%	24.93%	41.20%	57.46%	73.73%	90.00%	92.50%
Projected Dividends (M)	5.25	14.96	24.47	33.79	42.93	51.87	54.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13.89	14.03	14.17
Year 2 PV (M)	21.10	21.53	21.97
Year 3 PV (M)	27.05	27.88	28.74
Year 4 PV (M)	31.90	33.22	34.59
Year 5 PV (M)	35.79	37.66	39.60
PV of Terminal Value (M)	1,048.02	1,102.60	1,159.42
Equity Value (M)	1,177.75	1,236.92	1,298.48
Shares Outstanding (M)	10.50	10.50	10.50
Fair Value	$112.17	$117.80	$123.66
Upside / Downside	67.41%	75.82%	84.57%

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Naba Alsaha Medical Services Company (9546.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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