DDM Analysis: WKF.JO

Valuation Snapshot

Stable Growth	$6.39 - $14.57	$9.30
Multi-Stage	$4.45 - $4.87	$4.66
Blended Fair Value	$6.98
Current Price	$1.40
Upside	398.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	8.10%	0.01	0.00	0.01	0.00	0.02	0.00	0.02	0.00	0.00	0.00
YoY Growth	-	-	226.43%	-69.39%	80.03%	-85.16%	0.00%	-100.00%	1,110.31%	18.13%	-30.78%	-7.27%
Dividend Yield	-	-	0.39%	0.09%	0.40%	0.30%	1.30%	0.00%	1.76%	0.08%	0.12%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	71.88
(-) Cash Dividends Paid (M)	1.57
(=) Cash Retained (M)	70.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.38	8.98	5.39
Cash Retained (M)	70.31	70.31	70.31
(-) Cash Required (M)	-14.38	-8.98	-5.39
(=) Excess Retained (M)	55.94	61.33	64.92
(/) Shares Outstanding (M)	229.79	229.79	229.79
(=) Excess Retained per Share	0.24	0.27	0.28
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.24	0.27	0.28
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.39	$9.30	$14.57
Upside / Downside	356.10%	564.24%	940.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	71.88	76.55	81.53	86.83	92.47	98.48	101.43
Payout Ratio	2.18%	19.74%	37.31%	54.87%	72.44%	90.00%	92.50%
Projected Dividends (M)	1.57	15.11	30.41	47.64	66.98	88.63	93.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.66	13.78	13.91
Year 2 PV (M)	24.83	25.30	25.78
Year 3 PV (M)	35.14	36.15	37.18
Year 4 PV (M)	44.65	46.36	48.13
Year 5 PV (M)	53.38	55.96	58.63
PV of Terminal Value (M)	851.73	892.87	935.58
Equity Value (M)	1,023.38	1,070.43	1,119.22
Shares Outstanding (M)	229.79	229.79	229.79
Fair Value	$4.45	$4.66	$4.87
Upside / Downside	218.11%	232.73%	247.90%

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Workforce Holdings Limited (WKF.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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