DDM Analysis: JSE.JO

Valuation Snapshot

Stable Growth	$326.28 - $598.82	$438.82
Multi-Stage	$295.31 - $322.43	$308.62
Blended Fair Value	$373.72
Current Price	$133.27
Upside	180.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.95%	6.62%	7.95	7.78	8.67	7.38	8.56	8.77	6.32	5.86	6.54	5.02
YoY Growth	-	-	2.14%	-10.23%	17.43%	-13.78%	-2.39%	38.69%	7.92%	-10.36%	30.29%	19.88%
Dividend Yield	-	-	6.58%	8.42%	7.99%	6.59%	7.61%	7.34%	3.82%	3.82%	3.98%	3.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,813.76
(-) Cash Dividends Paid (M)	659.84
(=) Cash Retained (M)	1,153.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	362.75	226.72	136.03
Cash Retained (M)	1,153.91	1,153.91	1,153.91
(-) Cash Required (M)	-362.75	-226.72	-136.03
(=) Excess Retained (M)	791.16	927.19	1,017.88
(/) Shares Outstanding (M)	83.02	83.02	83.02
(=) Excess Retained per Share	9.53	11.17	12.26
LTM Dividend per Share	7.95	7.95	7.95
(+) Excess Retained per Share	9.53	11.17	12.26
(=) Adjusted Dividend	17.48	19.12	20.21
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	4.32%	5.32%	6.32%
Fair Value	$326.28	$438.82	$598.82
Upside / Downside	144.82%	229.27%	349.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,813.76	1,910.23	2,011.84	2,118.85	2,231.55	2,350.25	2,420.76
Payout Ratio	36.38%	47.10%	57.83%	68.55%	79.28%	90.00%	92.50%
Projected Dividends (M)	659.84	899.79	1,163.40	1,452.51	1,769.09	2,115.23	2,239.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	4.32%	5.32%	6.32%
Year 1 PV (M)	810.91	818.69	826.46
Year 2 PV (M)	944.92	963.12	981.50
Year 3 PV (M)	1,063.20	1,094.07	1,125.53
Year 4 PV (M)	1,167.01	1,212.41	1,259.12
Year 5 PV (M)	1,257.52	1,318.96	1,382.78
PV of Terminal Value (M)	19,273.86	20,215.54	21,193.66
Equity Value (M)	24,517.43	25,622.78	26,769.05
Shares Outstanding (M)	83.02	83.02	83.02
Fair Value	$295.31	$308.62	$322.43
Upside / Downside	121.58%	131.57%	141.93%

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JSE Limited (JSE.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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