DDM Analysis: NIND.KW

Valuation Snapshot

Stable Growth	$0.67 - $1.88	$1.04
Multi-Stage	$0.61 - $0.66	$0.63
Blended Fair Value	$0.84
Current Price	$0.26
Upside	229.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.84%	77.84%	0.00	0.00	0.01	0.00	0.01	0.01	0.00	0.00	0.01	0.01
YoY Growth	-	-	5.91%	-54.54%	0.00%	-100.00%	-13.68%	27.47%	2,754.61%	-96.94%	-7.93%	41,638.89%
Dividend Yield	-	-	1.90%	2.23%	5.50%	0.00%	4.17%	5.95%	3.82%	0.19%	6.25%	7.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.89
(-) Cash Dividends Paid (M)	23.69
(=) Cash Retained (M)	44.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.58	8.49	5.09
Cash Retained (M)	44.19	44.19	44.19
(-) Cash Required (M)	-13.58	-8.49	-5.09
(=) Excess Retained (M)	30.62	35.71	39.10
(/) Shares Outstanding (M)	2,430.64	2,430.64	2,430.64
(=) Excess Retained per Share	0.01	0.01	0.02
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.01	0.01	0.02
(=) Adjusted Dividend	0.02	0.02	0.03
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	3.88%	4.88%	5.88%
Fair Value	$0.67	$1.04	$1.88
Upside / Downside	163.37%	309.24%	636.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.89	71.20	74.68	78.32	82.14	86.15	88.74
Payout Ratio	34.90%	45.92%	56.94%	67.96%	78.98%	90.00%	92.50%
Projected Dividends (M)	23.69	32.70	42.52	53.23	64.88	77.54	82.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	3.88%	4.88%	5.88%
Year 1 PV (M)	30.17	30.46	30.75
Year 2 PV (M)	36.21	36.91	37.61
Year 3 PV (M)	41.82	43.04	44.28
Year 4 PV (M)	47.04	48.88	50.77
Year 5 PV (M)	51.88	54.42	57.07
PV of Terminal Value (M)	1,266.35	1,328.49	1,393.04
Equity Value (M)	1,473.47	1,542.20	1,613.52
Shares Outstanding (M)	2,430.64	2,430.64	2,430.64
Fair Value	$0.61	$0.63	$0.66
Upside / Downside	137.73%	148.82%	160.32%

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National Industries Group Holding - KPSC (NIND.KW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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