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%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 15 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
0R28.L	Newmont Corporation	2.49%	$1.01	15.53%
ETR	Entergy Corporation	2.49%	$2.34	57.35%
NKE	NIKE, Inc.	2.49%	$1.58	80.59%
OTTR	Otter Tail Corporation	2.49%	$2.03	30.69%
FHN	First Horizon Corporation	2.48%	$0.60	34.42%
PWP	Perella Weinberg Partners	2.48%	$0.44	69.65%
SCS	Steelcase Inc.	2.48%	$0.40	50.05%
PBI	Pitney Bowes Inc.	2.46%	$0.25	61.37%
RBCAA	Republic Bancorp, Inc.	2.45%	$1.67	25.85%
SRCE	1st Source Corporation	2.45%	$1.53	25.20%
TRMK	Trustmark Corporation	2.45%	$0.96	26.11%
VOYA	Voya Financial, Inc.	2.45%	$1.86	29.46%
AWK	American Water Works Company, Inc.	2.44%	$3.18	55.85%
LSTR	Landstar System, Inc.	2.44%	$3.58	90.21%
NGL	NGL Energy Partners LP	2.44%	$0.24	24.52%
TCFC	The Community Financial Corporation	2.44%	$0.66	12.72%
CADE	Cadence Bank	2.43%	$1.05	37.49%
JNJ	Johnson & Johnson	2.43%	$5.04	48.70%
MBCN	Middlefield Banc Corp.	2.43%	$0.83	42.36%
0L7G.L	Snap-on Incorporated	2.42%	$8.43	44.15%
ITW	Illinois Tool Works Inc.	2.42%	$6.04	58.20%
MOFG	MidWestOne Financial Group, Inc.	2.40%	$0.92	32.44%
FFIN	First Financial Bankshares, Inc.	2.39%	$0.72	42.45%
ADP	Automatic Data Processing, Inc.	2.38%	$6.03	59.30%
CAL	Caleres, Inc.	2.38%	$0.29	46.21%
ABM	ABM Industries Incorporated	2.37%	$1.01	54.79%
FUNC	First United Corporation	2.36%	$0.88	22.87%
HON	Honeywell International Inc.	2.36%	$4.63	48.21%
RILYK	B. Riley Financial, Inc. 5.50% Senior Notes Due 2026	2.36%	$0.58	56.91%
CDW	CDW Corporation	2.35%	$3.14	39.31%
CHMG	Chemung Financial Corporation	2.35%	$1.28	46.47%
LZB	La-Z-Boy Incorporated	2.35%	$0.88	40.20%
PKG	Packaging Corporation of America	2.35%	$4.97	50.31%
UNP	Union Pacific Corporation	2.35%	$5.44	45.77%
0K91.L	Northern Trust Corporation	2.34%	$3.20	35.68%
MCD	McDonald's Corporation	2.33%	$7.07	60.14%
MGEE	MGE Energy, Inc.	2.32%	$1.82	49.49%
MZTI	The Marzetti Company	2.32%	$3.82	61.80%
UNM	Unum Group	2.32%	$1.79	33.52%
RILYM	B. Riley Financial, Inc. - 6.37	2.31%	$0.58	56.91%
RILYO	B. Riley Financial, Inc. - 6.75	2.31%	$0.58	56.91%
HONIV	Honeywell International Inc. Common Stock Ex Distribution When Issued	2.30%	$4.63	48.21%
PGR	The Progressive Corporation	2.30%	$4.88	26.80%
WNEB	Western New England Bancorp, Inc.	2.30%	$0.28	43.00%
0R23.L	Halliburton Company	2.29%	$0.68	44.61%
ADS	Bread Financial Holdings, Inc.	2.29%	$1.30	21.08%
HLNE	Hamilton Lane Incorporated	2.29%	$3.13	74.09%
BSVN	Bank7 Corp.	2.28%	$0.94	20.81%
MCBC	Macatawa Bank Corporation	2.28%	$0.34	28.37%
BRKL	Brookline Bancorp, Inc.	2.27%	$0.54	61.06%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

JSE Limited (JSE.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener