DDM Analysis: SBP.JO

Valuation Snapshot

Stable Growth	$247.54 - $392.72	$313.70
Multi-Stage	$274.26 - $300.49	$287.13
Blended Fair Value	$300.41
Current Price	$99.01
Upside	203.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.22%	-5.43%	0.95	0.92	0.87	0.36	0.52	0.78	1.96	0.68	0.61	0.55
YoY Growth	-	-	3.92%	5.62%	139.63%	-30.61%	-32.64%	-60.38%	187.17%	11.02%	12.49%	-67.23%
Dividend Yield	-	-	1.04%	1.27%	1.04%	0.59%	1.76%	2.22%	5.59%	1.95%	1.75%	1.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	910.61
(-) Cash Dividends Paid (M)	72.01
(=) Cash Retained (M)	838.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	182.12	113.83	68.30
Cash Retained (M)	838.60	838.60	838.60
(-) Cash Required (M)	-182.12	-113.83	-68.30
(=) Excess Retained (M)	656.48	724.78	770.31
(/) Shares Outstanding (M)	38.64	38.64	38.64
(=) Excess Retained per Share	16.99	18.76	19.93
LTM Dividend per Share	1.86	1.86	1.86
(+) Excess Retained per Share	16.99	18.76	19.93
(=) Adjusted Dividend	18.85	20.62	21.80
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	2.22%	3.22%	4.22%
Fair Value	$247.54	$313.70	$392.72
Upside / Downside	150.02%	216.83%	296.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	910.61	939.89	970.11	1,001.31	1,033.50	1,066.74	1,098.74
Payout Ratio	7.91%	24.33%	40.74%	57.16%	73.58%	90.00%	92.50%
Projected Dividends (M)	72.01	228.64	395.27	572.38	760.47	960.06	1,016.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	2.22%	3.22%	4.22%
Year 1 PV (M)	205.84	207.85	209.87
Year 2 PV (M)	320.37	326.67	333.03
Year 3 PV (M)	417.66	430.03	442.66
Year 4 PV (M)	499.57	519.41	539.83
Year 5 PV (M)	567.80	596.12	625.57
PV of Terminal Value (M)	8,586.84	9,015.18	9,460.44
Equity Value (M)	10,598.08	11,095.26	11,611.39
Shares Outstanding (M)	38.64	38.64	38.64
Fair Value	$274.26	$287.13	$300.49
Upside / Downside	177.00%	190.00%	203.49%

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Sabvest Capital Limited (SBP.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener