DDM Analysis: PTNR.TA

Valuation Snapshot

Stable Growth	$11.55 - $16.68	$14.04
Multi-Stage	$20.41 - $22.34	$21.36
Blended Fair Value	$17.70
Current Price	$25.55
Upside	-30.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	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)	301.00
(-) Cash Dividends Paid (M)	250.00
(=) Cash Retained (M)	51.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.20	37.63	22.58
Cash Retained (M)	51.00	51.00	51.00
(-) Cash Required (M)	-60.20	-37.63	-22.58
(=) Excess Retained (M)	-9.20	13.38	28.43
(/) Shares Outstanding (M)	187.23	187.23	187.23
(=) Excess Retained per Share	-0.05	0.07	0.15
LTM Dividend per Share	1.34	1.34	1.34
(+) Excess Retained per Share	-0.05	0.07	0.15
(=) Adjusted Dividend	1.29	1.41	1.49
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.55	$14.04	$16.68
Upside / Downside	-54.81%	-45.04%	-34.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	301.00	297.99	295.01	292.06	289.14	286.25	294.84
Payout Ratio	83.06%	84.45%	85.83%	87.22%	88.61%	90.00%	92.50%
Projected Dividends (M)	250.00	251.64	253.22	254.74	256.21	257.62	272.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	228.70	231.04	233.37
Year 2 PV (M)	209.16	213.45	217.79
Year 3 PV (M)	191.24	197.16	203.19
Year 4 PV (M)	174.81	182.06	189.53
Year 5 PV (M)	159.76	168.08	176.74
PV of Terminal Value (M)	2,858.17	3,007.00	3,161.97
Equity Value (M)	3,821.85	3,998.78	4,182.58
Shares Outstanding (M)	187.23	187.23	187.23
Fair Value	$20.41	$21.36	$22.34
Upside / Downside	-20.11%	-16.41%	-12.57%

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Partner Communications Company Ltd. (PTNR.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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