DDM Analysis: 4332.SR

Valuation Snapshot

Stable Growth	$7.90 - $11.80	$9.75
Multi-Stage	$14.80 - $16.30	$15.54
Blended Fair Value	$12.64
Current Price	$5.27
Upside	139.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.20	0.54	0.54	0.15	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-62.96%	0.00%	260.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	2.68%	6.60%	7.20%	1.46%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.25
(-) Cash Dividends Paid (M)	8.58
(=) Cash Retained (M)	54.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.65	7.91	4.74
Cash Retained (M)	54.67	54.67	54.67
(-) Cash Required (M)	-12.65	-7.91	-4.74
(=) Excess Retained (M)	42.02	46.77	49.93
(/) Shares Outstanding (M)	66.00	66.00	66.00
(=) Excess Retained per Share	0.64	0.71	0.76
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.64	0.71	0.76
(=) Adjusted Dividend	0.77	0.84	0.89
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.90	$9.75	$11.80
Upside / Downside	49.86%	85.03%	123.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.25	62.62	61.99	61.37	60.76	60.15	61.96
Payout Ratio	13.56%	28.85%	44.14%	59.43%	74.71%	90.00%	92.50%
Projected Dividends (M)	8.58	18.07	27.36	36.47	45.39	54.14	57.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	16.63	16.80	16.97
Year 2 PV (M)	23.20	23.67	24.15
Year 3 PV (M)	28.47	29.35	30.25
Year 4 PV (M)	32.62	33.97	35.37
Year 5 PV (M)	35.82	37.69	39.63
PV of Terminal Value (M)	840.12	883.86	929.42
Equity Value (M)	976.86	1,025.35	1,075.78
Shares Outstanding (M)	66.00	66.00	66.00
Fair Value	$14.80	$15.54	$16.30
Upside / Downside	180.85%	194.79%	209.29%

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Jadwa REIT Al Haramain Fund (4332.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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