DDM Analysis: 4322.SR

Valuation Snapshot

Stable Growth	$5.28 - $8.19	$6.63
Multi-Stage	$12.21 - $13.44	$12.82
Blended Fair Value	$9.72
Current Price	$11.99
Upside	-18.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.32	0.40	0.16	0.30	0.10	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-20.00%	150.00%	-45.85%	195.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.80%	4.21%	1.69%	3.05%	1.03%	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)	281.39
(-) Cash Dividends Paid (M)	135.00
(=) Cash Retained (M)	146.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.28	35.17	21.10
Cash Retained (M)	146.39	146.39	146.39
(-) Cash Required (M)	-56.28	-35.17	-21.10
(=) Excess Retained (M)	90.11	111.22	125.29
(/) Shares Outstanding (M)	500.00	500.00	500.00
(=) Excess Retained per Share	0.18	0.22	0.25
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.18	0.22	0.25
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.28	$6.63	$8.19
Upside / Downside	-55.95%	-44.71%	-31.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.39	278.58	275.79	273.03	270.30	267.60	275.63
Payout Ratio	47.98%	56.38%	64.79%	73.19%	81.60%	90.00%	92.50%
Projected Dividends (M)	135.00	157.06	178.67	199.83	220.55	240.84	254.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	146.19	147.68	149.17
Year 2 PV (M)	154.79	157.96	161.17
Year 3 PV (M)	161.13	166.12	171.20
Year 4 PV (M)	165.53	172.39	179.46
Year 5 PV (M)	168.23	177.00	186.12
PV of Terminal Value (M)	5,309.98	5,586.48	5,874.39
Equity Value (M)	6,105.85	6,407.62	6,721.50
Shares Outstanding (M)	500.00	500.00	500.00
Fair Value	$12.21	$12.82	$13.44
Upside / Downside	1.85%	6.88%	12.12%

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Retal Urban Development Company (4322.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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