DDM Analysis: NCS.JO

Valuation Snapshot

Stable Growth	$5.26 - $7.98	$6.53
Multi-Stage	$6.59 - $7.22	$6.90
Blended Fair Value	$6.71
Current Price	$1.51
Upside	344.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.86%	0.00%	0.06	0.05	0.03	0.05	0.03	0.04	0.04	0.04	0.04	0.04
YoY Growth	-	-	20.02%	66.69%	-40.01%	66.69%	-20.01%	0.80%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.97%	7.69%	3.80%	6.02%	3.06%	4.21%	9.07%	8.27%	7.15%	5.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.19
(-) Cash Dividends Paid (M)	5.88
(=) Cash Retained (M)	25.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.24	3.90	2.34
Cash Retained (M)	25.31	25.31	25.31
(-) Cash Required (M)	-6.24	-3.90	-2.34
(=) Excess Retained (M)	19.07	21.41	22.97
(/) Shares Outstanding (M)	53.44	53.44	53.44
(=) Excess Retained per Share	0.36	0.40	0.43
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.36	0.40	0.43
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	0.97%	1.97%	2.97%
Fair Value	$5.26	$6.53	$7.98
Upside / Downside	248.09%	332.74%	428.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.19	31.80	32.43	33.06	33.71	34.38	35.41
Payout Ratio	18.85%	33.08%	47.31%	61.54%	75.77%	90.00%	92.50%
Projected Dividends (M)	5.88	10.52	15.34	20.35	25.55	30.94	32.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	0.97%	1.97%	2.97%
Year 1 PV (M)	9.48	9.57	9.66
Year 2 PV (M)	12.45	12.69	12.94
Year 3 PV (M)	14.87	15.32	15.77
Year 4 PV (M)	16.81	17.49	18.19
Year 5 PV (M)	18.34	19.27	20.23
PV of Terminal Value (M)	280.04	294.18	308.89
Equity Value (M)	351.98	368.52	385.69
Shares Outstanding (M)	53.44	53.44	53.44
Fair Value	$6.59	$6.90	$7.22
Upside / Downside	336.16%	356.65%	377.93%

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Nictus Limited (NCS.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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