DDM Analysis: 4280.SR

Valuation Snapshot

Stable Growth	$10.17 - $26.49	$15.46
Multi-Stage	$12.40 - $13.59	$12.99
Blended Fair Value	$14.22
Current Price	$7.70
Upside	84.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.60%	4.69%	0.28	0.28	0.25	0.17	0.17	0.17	0.13	0.17	0.22	0.13
YoY Growth	-	-	-0.01%	10.07%	43.71%	0.01%	-0.01%	33.33%	-25.00%	-20.00%	66.67%	-25.00%
Dividend Yield	-	-	3.22%	3.75%	3.20%	1.75%	2.17%	2.75%	1.49%	1.88%	2.04%	1.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,700.74
(-) Cash Dividends Paid (M)	1,037.57
(=) Cash Retained (M)	663.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	340.15	212.59	127.56
Cash Retained (M)	663.18	663.18	663.18
(-) Cash Required (M)	-340.15	-212.59	-127.56
(=) Excess Retained (M)	323.03	450.59	535.62
(/) Shares Outstanding (M)	3,762.82	3,762.82	3,762.82
(=) Excess Retained per Share	0.09	0.12	0.14
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.09	0.12	0.14
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.69%	3.69%	4.69%
Fair Value	$10.17	$15.46	$26.49
Upside / Downside	32.04%	100.80%	244.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,700.74	1,763.54	1,828.66	1,896.18	1,966.19	2,038.79	2,099.96
Payout Ratio	61.01%	66.81%	72.60%	78.40%	84.20%	90.00%	92.50%
Projected Dividends (M)	1,037.57	1,178.14	1,327.68	1,486.65	1,655.56	1,834.91	1,942.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.69%	3.69%	4.69%
Year 1 PV (M)	1,097.16	1,107.85	1,118.53
Year 2 PV (M)	1,151.45	1,173.98	1,196.73
Year 3 PV (M)	1,200.71	1,236.13	1,272.24
Year 4 PV (M)	1,245.22	1,294.44	1,345.10
Year 5 PV (M)	1,285.27	1,349.08	1,415.40
PV of Terminal Value (M)	40,679.88	42,699.50	44,798.55
Equity Value (M)	46,659.69	48,860.98	51,146.55
Shares Outstanding (M)	3,762.82	3,762.82	3,762.82
Fair Value	$12.40	$12.99	$13.59
Upside / Downside	61.04%	68.64%	76.53%

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Kingdom Holding Company (4280.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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