DDM Analysis: KST.JO

Valuation Snapshot

Stable Growth	$38.41 - $81.30	$54.49
Multi-Stage	$28.55 - $31.15	$29.82
Blended Fair Value	$42.16
Current Price	$22.02
Upside	91.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.13%	15.90%	0.49	0.39	0.34	0.28	0.24	0.22	0.20	0.16	0.14	0.12
YoY Growth	-	-	26.69%	13.91%	23.22%	13.91%	8.86%	10.52%	22.35%	15.51%	14.23%	11.14%
Dividend Yield	-	-	2.72%	2.57%	2.62%	2.01%	2.69%	2.82%	1.88%	1.90%	1.90%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,603.66
(-) Cash Dividends Paid (M)	795.05
(=) Cash Retained (M)	1,808.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	520.73	325.46	195.27
Cash Retained (M)	1,808.61	1,808.61	1,808.61
(-) Cash Required (M)	-520.73	-325.46	-195.27
(=) Excess Retained (M)	1,287.88	1,483.15	1,613.34
(/) Shares Outstanding (M)	1,268.17	1,268.17	1,268.17
(=) Excess Retained per Share	1.02	1.17	1.27
LTM Dividend per Share	0.63	0.63	0.63
(+) Excess Retained per Share	1.02	1.17	1.27
(=) Adjusted Dividend	1.64	1.80	1.90
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.41	$54.49	$81.30
Upside / Downside	74.44%	147.47%	269.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,603.66	2,772.90	2,953.13	3,145.09	3,349.52	3,567.24	3,674.25
Payout Ratio	30.54%	42.43%	54.32%	66.21%	78.11%	90.00%	92.50%
Projected Dividends (M)	795.05	1,176.50	1,604.19	2,082.50	2,616.21	3,210.51	3,398.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,059.40	1,069.44	1,079.48
Year 2 PV (M)	1,300.73	1,325.51	1,350.52
Year 3 PV (M)	1,520.49	1,564.14	1,608.62
Year 4 PV (M)	1,720.05	1,786.19	1,854.23
Year 5 PV (M)	1,900.68	1,992.48	2,087.80
PV of Terminal Value (M)	28,698.85	30,085.02	31,524.23
Equity Value (M)	36,200.20	37,822.78	39,504.88
Shares Outstanding (M)	1,268.17	1,268.17	1,268.17
Fair Value	$28.55	$29.82	$31.15
Upside / Downside	29.63%	35.44%	41.47%

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PSG Financial Services Limited (KST.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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