DDM Analysis: SBK.JO

Valuation Snapshot

Stable Growth	$1,970.48 - $11,170.69	$3,723.19
Multi-Stage	$1,197.71 - $1,306.73	$1,251.24
Blended Fair Value	$2,487.21
Current Price	$227.51
Upside	993.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.18%	10.46%	17.35	16.72	12.95	7.24	6.73	11.18	10.61	9.34	7.78	7.16
YoY Growth	-	-	3.73%	29.15%	78.89%	7.60%	-39.84%	5.36%	13.66%	20.10%	8.56%	11.70%
Dividend Yield	-	-	7.82%	8.08%	7.72%	5.17%	5.29%	6.64%	5.94%	4.77%	5.12%	6.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93,673.00
(-) Cash Dividends Paid (M)	72,810.00
(=) Cash Retained (M)	20,863.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,734.60	11,709.13	7,025.48
Cash Retained (M)	20,863.00	20,863.00	20,863.00
(-) Cash Required (M)	-18,734.60	-11,709.13	-7,025.48
(=) Excess Retained (M)	2,128.40	9,153.88	13,837.53
(/) Shares Outstanding (M)	1,667.69	1,667.69	1,667.69
(=) Excess Retained per Share	1.28	5.49	8.30
LTM Dividend per Share	43.66	43.66	43.66
(+) Excess Retained per Share	1.28	5.49	8.30
(=) Adjusted Dividend	44.94	49.15	51.96
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,970.48	$3,723.19	$11,170.69
Upside / Downside	766.11%	1,536.50%	4,809.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93,673.00	99,761.75	106,246.26	113,152.27	120,507.16	128,340.13	132,190.33
Payout Ratio	77.73%	80.18%	82.64%	85.09%	87.55%	90.00%	92.50%
Projected Dividends (M)	72,810.00	79,991.23	87,798.41	96,282.55	105,498.68	115,506.12	122,276.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	73,434.51	74,130.58	74,826.64
Year 2 PV (M)	73,994.98	75,404.38	76,827.07
Year 3 PV (M)	74,493.96	76,632.41	78,811.40
Year 4 PV (M)	74,933.90	77,815.64	80,779.72
Year 5 PV (M)	75,317.19	78,955.04	82,732.11
PV of Terminal Value (M)	1,625,232.35	1,703,731.68	1,785,235.36
Equity Value (M)	1,997,406.89	2,086,669.73	2,179,212.31
Shares Outstanding (M)	1,667.69	1,667.69	1,667.69
Fair Value	$1,197.71	$1,251.24	$1,306.73
Upside / Downside	426.44%	449.97%	474.36%

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Standard Bank Group Limited (SBK.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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