DDM Analysis: 6020.SR

Valuation Snapshot

Stable Growth	$3.06 - $4.33	$3.68
Multi-Stage	$4.41 - $4.85	$4.63
Blended Fair Value	$4.16
Current Price	$19.00
Upside	-78.12%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.25	0.00	0.00
YoY Growth	-	-	-36.21%	6.35%	-19.89%	27.26%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	1.97%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.04
(-) Cash Dividends Paid (M)	0.04
(=) Cash Retained (M)	14.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.81	1.75	1.05
Cash Retained (M)	14.00	14.00	14.00
(-) Cash Required (M)	-2.81	-1.75	-1.05
(=) Excess Retained (M)	11.19	12.24	12.94
(/) Shares Outstanding (M)	30.00	30.00	30.00
(=) Excess Retained per Share	0.37	0.41	0.43
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.37	0.41	0.43
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.06	$3.68	$4.33
Upside / Downside	-83.91%	-80.61%	-77.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.04	13.90	13.76	13.62	13.48	13.35	13.75
Payout Ratio	0.28%	18.22%	36.17%	54.11%	72.06%	90.00%	92.50%
Projected Dividends (M)	0.04	2.53	4.98	7.37	9.72	12.01	12.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.28	2.30	2.33
Year 2 PV (M)	4.03	4.11	4.20
Year 3 PV (M)	5.37	5.54	5.71
Year 4 PV (M)	6.37	6.64	6.91
Year 5 PV (M)	7.09	7.46	7.84
PV of Terminal Value (M)	107.23	112.81	118.63
Equity Value (M)	132.37	138.86	145.61
Shares Outstanding (M)	30.00	30.00	30.00
Fair Value	$4.41	$4.63	$4.85
Upside / Downside	-76.78%	-75.64%	-74.46%

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Al Gassim Investment Holding Company (6020.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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