DDM Analysis: QNNS.QA

Valuation Snapshot

Stable Growth	$16.33 - $31.70	$22.44
Multi-Stage	$24.86 - $27.29	$26.05
Blended Fair Value	$24.25
Current Price	$11.17
Upside	117.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.56%	-2.84%	0.38	0.35	0.30	0.30	0.30	0.30	0.35	0.35	0.50	0.55
YoY Growth	-	-	7.14%	16.67%	0.00%	0.00%	0.00%	-14.29%	0.00%	-30.00%	-9.09%	10.00%
Dividend Yield	-	-	3.41%	3.31%	3.65%	3.49%	3.90%	6.25%	5.34%	6.25%	6.54%	6.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,165.79
(-) Cash Dividends Paid (M)	454.47
(=) Cash Retained (M)	711.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	233.16	145.72	87.43
Cash Retained (M)	711.32	711.32	711.32
(-) Cash Required (M)	-233.16	-145.72	-87.43
(=) Excess Retained (M)	478.16	565.60	623.89
(/) Shares Outstanding (M)	1,136.17	1,136.17	1,136.17
(=) Excess Retained per Share	0.42	0.50	0.55
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.42	0.50	0.55
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.41%	2.41%	3.41%
Fair Value	$16.33	$22.44	$31.70
Upside / Downside	46.23%	100.94%	183.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,165.79	1,193.89	1,222.68	1,252.15	1,282.34	1,313.26	1,352.66
Payout Ratio	38.98%	49.19%	59.39%	69.59%	79.80%	90.00%	92.50%
Projected Dividends (M)	454.47	587.24	726.15	871.42	1,023.27	1,181.93	1,251.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.41%	2.41%	3.41%
Year 1 PV (M)	545.98	551.36	556.74
Year 2 PV (M)	627.69	640.13	652.69
Year 3 PV (M)	700.33	721.25	742.59
Year 4 PV (M)	764.58	795.19	826.70
Year 5 PV (M)	821.08	862.37	905.30
PV of Terminal Value (M)	24,781.58	26,027.76	27,323.57
Equity Value (M)	28,241.23	29,598.05	31,007.59
Shares Outstanding (M)	1,136.17	1,136.17	1,136.17
Fair Value	$24.86	$26.05	$27.29
Upside / Downside	122.53%	133.22%	144.33%

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Qatar Navigation Q.P.S.C. (QNNS.QA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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