DDM Analysis: BOURSA.KW

Valuation Snapshot

Stable Growth	$0.87 - $1.24	$1.05
Multi-Stage	$1.39 - $1.52	$1.45
Blended Fair Value	$1.25
Current Price	$3.43
Upside	-63.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.07	0.08	0.06	0.04	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-11.73%	30.93%	64.56%	77.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.64%	4.07%	3.56%	1.44%	1.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.81
(-) Cash Dividends Paid (M)	16.45
(=) Cash Retained (M)	10.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.36	3.35	2.01
Cash Retained (M)	10.36	10.36	10.36
(-) Cash Required (M)	-5.36	-3.35	-2.01
(=) Excess Retained (M)	5.00	7.01	8.35
(/) Shares Outstanding (M)	200.78	200.78	200.78
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.11	0.12	0.12
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.87	$1.05	$1.24
Upside / Downside	-74.56%	-69.33%	-63.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.81	26.54	26.27	26.01	25.75	25.49	26.26
Payout Ratio	61.35%	67.08%	72.81%	78.54%	84.27%	90.00%	92.50%
Projected Dividends (M)	16.45	17.80	19.13	20.43	21.70	22.94	24.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	16.02	16.19	16.35
Year 2 PV (M)	15.49	15.81	16.13
Year 3 PV (M)	14.89	15.35	15.82
Year 4 PV (M)	14.23	14.82	15.43
Year 5 PV (M)	13.54	14.25	14.98
PV of Terminal Value (M)	204.94	215.62	226.73
Equity Value (M)	279.13	292.04	305.45
Shares Outstanding (M)	200.78	200.78	200.78
Fair Value	$1.39	$1.45	$1.52
Upside / Downside	-59.47%	-57.59%	-55.65%

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Boursa Kuwait Securities Company K.P.S.C. (BOURSA.KW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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