DDM Analysis: GND.JO

Valuation Snapshot

Stable Growth	$57.84 - $108.98	$78.59
Multi-Stage	$53.17 - $58.06	$55.57
Blended Fair Value	$67.08
Current Price	$12.46
Upside	438.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.66%	6.20%	0.72	0.67	1.01	0.07	0.24	0.31	0.11	0.11	0.17	0.53
YoY Growth	-	-	8.47%	-33.72%	1,345.71%	-70.74%	-22.63%	189.35%	-7.40%	-32.33%	-68.08%	33.98%
Dividend Yield	-	-	6.07%	5.83%	10.09%	1.41%	4.72%	6.12%	1.73%	0.87%	1.26%	4.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,474.76
(-) Cash Dividends Paid (M)	1,016.16
(=) Cash Retained (M)	1,458.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	494.95	309.35	185.61
Cash Retained (M)	1,458.60	1,458.60	1,458.60
(-) Cash Required (M)	-494.95	-309.35	-185.61
(=) Excess Retained (M)	963.65	1,149.25	1,272.99
(/) Shares Outstanding (M)	667.97	667.97	667.97
(=) Excess Retained per Share	1.44	1.72	1.91
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	1.44	1.72	1.91
(=) Adjusted Dividend	2.96	3.24	3.43
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	4.20%	5.20%	6.20%
Fair Value	$57.84	$78.59	$108.98
Upside / Downside	364.19%	530.70%	774.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,474.76	2,603.35	2,738.63	2,880.93	3,030.63	3,188.10	3,283.75
Payout Ratio	41.06%	50.85%	60.64%	70.42%	80.21%	90.00%	92.50%
Projected Dividends (M)	1,016.16	1,323.78	1,660.61	2,028.88	2,430.93	2,869.29	3,037.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	4.20%	5.20%	6.20%
Year 1 PV (M)	1,197.05	1,208.53	1,220.02
Year 2 PV (M)	1,357.88	1,384.07	1,410.51
Year 3 PV (M)	1,500.19	1,543.79	1,588.24
Year 4 PV (M)	1,625.39	1,688.69	1,753.83
Year 5 PV (M)	1,734.83	1,819.69	1,907.84
PV of Terminal Value (M)	28,099.77	29,474.31	30,902.12
Equity Value (M)	35,515.10	37,119.08	38,782.55
Shares Outstanding (M)	667.97	667.97	667.97
Fair Value	$53.17	$55.57	$58.06
Upside / Downside	326.72%	345.99%	365.98%

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Grindrod Limited (GND.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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