DDM Analysis: SYG.JO

Valuation Snapshot

Stable Growth	$84.83 - $183.24	$121.21
Multi-Stage	$67.03 - $72.92	$69.92
Blended Fair Value	$95.57
Current Price	$23.21
Upside	311.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.78%	38.99%	2.10	2.12	1.56	1.18	0.69	0.57	0.57	0.43	0.23	0.25
YoY Growth	-	-	-1.15%	36.11%	31.53%	72.02%	20.96%	0.05%	31.40%	92.48%	-10.06%	220.98%
Dividend Yield	-	-	10.23%	11.80%	9.46%	6.91%	4.78%	6.03%	6.32%	4.88%	1.56%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	680.83
(-) Cash Dividends Paid (M)	581.23
(=) Cash Retained (M)	99.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.17	85.10	51.06
Cash Retained (M)	99.59	99.59	99.59
(-) Cash Required (M)	-136.17	-85.10	-51.06
(=) Excess Retained (M)	-36.57	14.49	48.53
(/) Shares Outstanding (M)	153.98	153.98	153.98
(=) Excess Retained per Share	-0.24	0.09	0.32
LTM Dividend per Share	3.77	3.77	3.77
(+) Excess Retained per Share	-0.24	0.09	0.32
(=) Adjusted Dividend	3.54	3.87	4.09
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$84.83	$121.21	$183.24
Upside / Downside	265.47%	422.22%	689.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	680.83	725.08	772.21	822.40	875.86	932.79	960.77
Payout Ratio	85.37%	86.30%	87.22%	88.15%	89.07%	90.00%	92.50%
Projected Dividends (M)	581.23	625.72	673.54	724.94	780.17	839.51	888.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	564.01	569.36	574.71
Year 2 PV (M)	547.24	557.67	568.19
Year 3 PV (M)	530.91	546.15	561.68
Year 4 PV (M)	515.01	534.82	555.19
Year 5 PV (M)	499.53	523.66	548.71
PV of Terminal Value (M)	7,664.48	8,034.68	8,419.05
Equity Value (M)	10,321.19	10,766.33	11,227.52
Shares Outstanding (M)	153.98	153.98	153.98
Fair Value	$67.03	$69.92	$72.92
Upside / Downside	188.80%	201.26%	214.16%

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Sygnia Limited (SYG.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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