DDM Analysis: GAZT.ME

Valuation Snapshot

Stable Growth	$23.08 - $32.68	$27.82
Multi-Stage	$38.65 - $42.19	$40.39
Blended Fair Value	$34.10
Current Price	$88.50
Upside	-61.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-89.52%	0.00%	0.00	2.42	0.93	1.50	1.27	1.26	1.24	0.00	0.00	1.40
YoY Growth	-	-	-100.00%	160.18%	-38.00%	18.11%	0.79%	1.61%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.00%	2.73%	1.09%	1.76%	1.49%	1.13%	1.11%	0.00%	0.00%	1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,665.45
(-) Cash Dividends Paid (M)	1,579.12
(=) Cash Retained (M)	86.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	333.09	208.18	124.91
Cash Retained (M)	86.34	86.34	86.34
(-) Cash Required (M)	-333.09	-208.18	-124.91
(=) Excess Retained (M)	-246.75	-121.84	-38.57
(/) Shares Outstanding (M)	471.45	471.45	471.45
(=) Excess Retained per Share	-0.52	-0.26	-0.08
LTM Dividend per Share	3.35	3.35	3.35
(+) Excess Retained per Share	-0.52	-0.26	-0.08
(=) Adjusted Dividend	2.83	3.09	3.27
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$23.08	$27.82	$32.68
Upside / Downside	-73.92%	-68.57%	-63.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,665.45	1,648.80	1,632.31	1,615.99	1,599.83	1,583.83	1,631.35
Payout Ratio	94.82%	93.85%	92.89%	91.93%	90.96%	90.00%	92.50%
Projected Dividends (M)	1,579.12	1,547.44	1,516.25	1,485.52	1,455.26	1,425.45	1,508.99

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)	1,392.56	1,406.77	1,420.98
Year 2 PV (M)	1,227.91	1,253.10	1,278.54
Year 3 PV (M)	1,082.62	1,116.10	1,150.26
Year 4 PV (M)	954.41	993.96	1,034.74
Year 5 PV (M)	841.29	885.10	930.71
PV of Terminal Value (M)	12,723.06	13,385.58	14,075.41
Equity Value (M)	18,221.84	19,040.60	19,890.64
Shares Outstanding (M)	471.45	471.45	471.45
Fair Value	$38.65	$40.39	$42.19
Upside / Downside	-56.33%	-54.36%	-52.33%

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Public Joint-Stock Company GAZ-Tek (GAZT.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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