DDM Analysis: NVS.JO

Valuation Snapshot

Stable Growth	$11.39 - $16.12	$13.73
Multi-Stage	$18.79 - $20.52	$19.64
Blended Fair Value	$16.68
Current Price	$6.30
Upside	164.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	12.72%	0.00%	0.48	0.47	0.00	0.62	0.00	0.26	0.49	0.55	0.68	0.63
YoY Growth	-	-	0.93%	0.00%	-100.00%	0.00%	-100.00%	-46.35%	-10.12%	-20.00%	8.92%	0.00%
Dividend Yield	-	-	6.93%	10.88%	0.00%	30.41%	0.00%	13.85%	11.82%	11.91%	7.98%	5.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	572.19
(-) Cash Dividends Paid (M)	486.78
(=) Cash Retained (M)	85.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114.44	71.52	42.91
Cash Retained (M)	85.41	85.41	85.41
(-) Cash Required (M)	-114.44	-71.52	-42.91
(=) Excess Retained (M)	-29.03	13.89	42.50
(/) Shares Outstanding (M)	327.95	327.95	327.95
(=) Excess Retained per Share	-0.09	0.04	0.13
LTM Dividend per Share	1.48	1.48	1.48
(+) Excess Retained per Share	-0.09	0.04	0.13
(=) Adjusted Dividend	1.40	1.53	1.61
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.39	$13.73	$16.12
Upside / Downside	80.76%	117.87%	155.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	572.19	566.46	560.80	555.19	549.64	544.14	560.47
Payout Ratio	85.07%	86.06%	87.04%	88.03%	89.01%	90.00%	92.50%
Projected Dividends (M)	486.78	487.49	488.14	488.73	489.26	489.73	518.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	438.65	443.13	447.60
Year 2 PV (M)	395.23	403.34	411.53
Year 3 PV (M)	356.06	367.08	378.31
Year 4 PV (M)	320.74	334.03	347.73
Year 5 PV (M)	288.88	303.92	319.59
PV of Terminal Value (M)	4,361.63	4,588.75	4,825.23
Equity Value (M)	6,161.19	6,440.24	6,729.99
Shares Outstanding (M)	327.95	327.95	327.95
Fair Value	$18.79	$19.64	$20.52
Upside / Downside	198.21%	211.72%	225.74%

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Novus Holdings Limited (NVS.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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