DDM Analysis: NTC.JO

Valuation Snapshot

Stable Growth	$22.99 - $35.13	$28.67
Multi-Stage	$34.01 - $37.23	$35.59
Blended Fair Value	$32.13
Current Price	$14.22
Upside	125.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.16%	-2.03%	0.75	0.00	0.64	0.57	0.00	0.68	1.57	1.09	1.02	0.98
YoY Growth	-	-	0.00%	-100.00%	10.99%	0.00%	-100.00%	-56.91%	43.80%	7.10%	3.68%	6.38%
Dividend Yield	-	-	5.29%	0.00%	4.70%	4.16%	0.00%	5.23%	8.94%	4.58%	4.28%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,201.00
(-) Cash Dividends Paid (M)	1,807.00
(=) Cash Retained (M)	1,394.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	640.20	400.13	240.08
Cash Retained (M)	1,394.00	1,394.00	1,394.00
(-) Cash Required (M)	-640.20	-400.13	-240.08
(=) Excess Retained (M)	753.80	993.88	1,153.93
(/) Shares Outstanding (M)	1,272.20	1,272.20	1,272.20
(=) Excess Retained per Share	0.59	0.78	0.91
LTM Dividend per Share	1.42	1.42	1.42
(+) Excess Retained per Share	0.59	0.78	0.91
(=) Adjusted Dividend	2.01	2.20	2.33
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	0.16%	1.16%	2.16%
Fair Value	$22.99	$28.67	$35.13
Upside / Downside	61.69%	101.60%	147.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,201.00	3,238.15	3,275.72	3,313.73	3,352.19	3,391.09	3,492.82
Payout Ratio	56.45%	63.16%	69.87%	76.58%	83.29%	90.00%	92.50%
Projected Dividends (M)	1,807.00	2,045.24	2,288.77	2,537.67	2,792.04	3,051.98	3,230.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	0.16%	1.16%	2.16%
Year 1 PV (M)	1,859.02	1,877.58	1,896.15
Year 2 PV (M)	1,890.96	1,928.91	1,967.23
Year 3 PV (M)	1,905.71	1,963.36	2,022.17
Year 4 PV (M)	1,905.83	1,983.09	2,062.67
Year 5 PV (M)	1,893.58	1,990.02	2,090.34
PV of Terminal Value (M)	33,807.48	35,529.19	37,320.33
Equity Value (M)	43,262.60	45,272.15	47,358.89
Shares Outstanding (M)	1,272.20	1,272.20	1,272.20
Fair Value	$34.01	$35.59	$37.23
Upside / Downside	139.14%	150.25%	161.79%

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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%
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Netcare Limited (NTC.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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