DDM Analysis: MOEX.ME

Valuation Snapshot

Stable Growth	$519.35 - $1,103.96	$737.87
Multi-Stage	$370.55 - $405.18	$387.55
Blended Fair Value	$562.71
Current Price	$106.99
Upside	425.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.12%	21.85%	16.88	4.49	0.00	9.42	7.89	7.66	5.43	10.16	7.05	3.81
YoY Growth	-	-	275.79%	0.00%	-100.00%	19.38%	3.01%	41.04%	-46.57%	44.17%	84.84%	62.96%
Dividend Yield	-	-	15.78%	4.20%	0.00%	9.47%	4.53%	7.88%	5.89%	8.69%	6.32%	3.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62,645.60
(-) Cash Dividends Paid (M)	932.27
(=) Cash Retained (M)	61,713.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,529.12	7,830.70	4,698.42
Cash Retained (M)	61,713.33	61,713.33	61,713.33
(-) Cash Required (M)	-12,529.12	-7,830.70	-4,698.42
(=) Excess Retained (M)	49,184.21	53,882.63	57,014.91
(/) Shares Outstanding (M)	2,268.94	2,268.94	2,268.94
(=) Excess Retained per Share	21.68	23.75	25.13
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	21.68	23.75	25.13
(=) Adjusted Dividend	22.09	24.16	25.54
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$519.35	$737.87	$1,103.96
Upside / Downside	385.42%	589.66%	931.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62,645.60	66,717.56	71,054.21	75,672.73	80,591.46	85,829.90	88,404.80
Payout Ratio	1.49%	19.19%	36.89%	54.60%	72.30%	90.00%	92.50%
Projected Dividends (M)	932.27	12,803.46	26,213.96	41,313.73	58,265.72	77,246.91	81,774.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11,531.58	11,640.89	11,750.19
Year 2 PV (M)	21,264.54	21,669.57	22,078.43
Year 3 PV (M)	30,184.20	31,050.68	31,933.58
Year 4 PV (M)	38,340.71	39,815.18	41,331.78
Year 5 PV (M)	45,781.49	47,992.75	50,288.64
PV of Terminal Value (M)	693,648.88	727,152.38	761,938.14
Equity Value (M)	840,751.40	879,321.45	919,320.76
Shares Outstanding (M)	2,268.94	2,268.94	2,268.94
Fair Value	$370.55	$387.55	$405.18
Upside / Downside	246.34%	262.23%	278.70%

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Public Joint-Stock Company Moscow Exchange MICEX-RTS (MOEX.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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