DDM Analysis: 4200.SR

Valuation Snapshot

Stable Growth	$205.23 - $809.67	$562.67
Multi-Stage	$99.17 - $108.48	$103.74
Blended Fair Value	$333.20
Current Price	$125.30
Upside	165.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.45%	2.26%	0.75	1.50	1.13	0.60	0.90	0.50	0.50	0.40	0.80	0.80
YoY Growth	-	-	-50.00%	33.33%	87.50%	-33.33%	80.00%	0.00%	25.00%	-50.00%	0.00%	33.33%
Dividend Yield	-	-	0.54%	1.21%	1.58%	1.03%	2.11%	1.49%	3.02%	2.96%	5.79%	5.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	407.12
(-) Cash Dividends Paid (M)	150.00
(=) Cash Retained (M)	257.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.42	50.89	30.53
Cash Retained (M)	257.12	257.12	257.12
(-) Cash Required (M)	-81.42	-50.89	-30.53
(=) Excess Retained (M)	175.70	206.23	226.59
(/) Shares Outstanding (M)	100.00	100.00	100.00
(=) Excess Retained per Share	1.76	2.06	2.27
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	1.76	2.06	2.27
(=) Adjusted Dividend	3.26	3.56	3.77
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$205.23	$562.67	$809.67
Upside / Downside	63.79%	349.05%	546.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	407.12	433.59	461.77	491.79	523.75	557.80	574.53
Payout Ratio	36.84%	47.48%	58.11%	68.74%	79.37%	90.00%	92.50%
Projected Dividends (M)	150.00	205.85	268.32	338.04	415.70	502.02	531.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	190.26	192.07	193.87
Year 2 PV (M)	229.23	233.60	238.00
Year 3 PV (M)	266.94	274.60	282.41
Year 4 PV (M)	303.41	315.07	327.08
Year 5 PV (M)	338.67	355.03	372.01
PV of Terminal Value (M)	8,588.85	9,003.70	9,434.42
Equity Value (M)	9,917.36	10,374.06	10,847.79
Shares Outstanding (M)	100.00	100.00	100.00
Fair Value	$99.17	$103.74	$108.48
Upside / Downside	-20.85%	-17.21%	-13.43%

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Aldrees Petroleum and Transport Services Company (4200.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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