DDM Analysis: 4016.SR

Valuation Snapshot

Stable Growth	$42.80 - $65.79	$53.51
Multi-Stage	$94.71 - $104.22	$99.37
Blended Fair Value	$76.44
Current Price	$125.40
Upside	-39.04%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-8.94%	0.00%	0.72	1.74	1.76	1.80	1.75	1.16	0.00	0.00	0.00	0.00
YoY Growth	-	-	-58.33%	-0.96%	-2.29%	2.59%	51.39%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.56%	1.19%	1.65%	1.69%	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)	97.29
(-) Cash Dividends Paid (M)	46.98
(=) Cash Retained (M)	50.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.46	12.16	7.30
Cash Retained (M)	50.31	50.31	50.31
(-) Cash Required (M)	-19.46	-12.16	-7.30
(=) Excess Retained (M)	30.86	38.15	43.02
(/) Shares Outstanding (M)	20.71	20.71	20.71
(=) Excess Retained per Share	1.49	1.84	2.08
LTM Dividend per Share	2.27	2.27	2.27
(+) Excess Retained per Share	1.49	1.84	2.08
(=) Adjusted Dividend	3.76	4.11	4.35
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$42.80	$53.51	$65.79
Upside / Downside	-65.87%	-57.33%	-47.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.29	96.32	95.36	94.40	93.46	92.53	95.30
Payout Ratio	48.29%	56.63%	64.97%	73.31%	81.66%	90.00%	92.50%
Projected Dividends (M)	46.98	54.55	61.96	69.21	76.32	83.27	88.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50.65	51.17	51.68
Year 2 PV (M)	53.42	54.52	55.62
Year 3 PV (M)	55.41	57.13	58.88
Year 4 PV (M)	56.74	59.09	61.51
Year 5 PV (M)	57.49	60.48	63.60
PV of Terminal Value (M)	1,687.69	1,775.57	1,867.08
Equity Value (M)	1,961.39	2,057.95	2,158.37
Shares Outstanding (M)	20.71	20.71	20.71
Fair Value	$94.71	$99.37	$104.22
Upside / Downside	-24.47%	-20.76%	-16.89%

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Middle East Pharmaceutical Industries Company (4016.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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