DDM Analysis: QNBK.QA

Valuation Snapshot

Stable Growth	$97.97 - $366.74	$291.91
Multi-Stage	$45.95 - $50.26	$48.07
Blended Fair Value	$169.99
Current Price	$17.35
Upside	879.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.34%	6.36%	0.99	0.60	0.55	0.45	0.60	0.60	0.60	0.32	0.27	0.57
YoY Growth	-	-	63.49%	9.08%	22.02%	-24.77%	-0.09%	-0.14%	89.24%	18.70%	-52.81%	7.05%
Dividend Yield	-	-	6.12%	4.23%	3.44%	1.96%	3.35%	3.59%	3.34%	2.41%	1.84%	4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,955.89
(-) Cash Dividends Paid (M)	6,443.60
(=) Cash Retained (M)	10,512.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,391.18	2,119.49	1,271.69
Cash Retained (M)	10,512.29	10,512.29	10,512.29
(-) Cash Required (M)	-3,391.18	-2,119.49	-1,271.69
(=) Excess Retained (M)	7,121.11	8,392.81	9,240.60
(/) Shares Outstanding (M)	9,194.92	9,194.92	9,194.92
(=) Excess Retained per Share	0.77	0.91	1.00
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.77	0.91	1.00
(=) Adjusted Dividend	1.48	1.61	1.71
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$97.97	$291.91	$366.74
Upside / Downside	464.65%	1,582.47%	2,013.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,955.89	18,058.02	19,231.79	20,481.86	21,813.18	23,231.04	23,927.97
Payout Ratio	38.00%	48.40%	58.80%	69.20%	79.60%	90.00%	92.50%
Projected Dividends (M)	6,443.60	8,740.39	11,308.54	14,173.62	17,363.38	20,907.93	22,133.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,085.19	8,161.82	8,238.46
Year 2 PV (M)	9,676.65	9,860.96	10,047.01
Year 3 PV (M)	11,219.11	11,541.17	11,869.34
Year 4 PV (M)	12,713.68	13,202.62	13,705.52
Year 5 PV (M)	14,161.44	14,845.44	15,555.62
PV of Terminal Value (M)	366,656.97	384,366.63	402,754.09
Equity Value (M)	422,513.04	441,978.65	462,170.04
Shares Outstanding (M)	9,194.92	9,194.92	9,194.92
Fair Value	$45.95	$48.07	$50.26
Upside / Downside	164.85%	177.05%	189.70%

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Qatar National Bank (Q.P.S.C.) (QNBK.QA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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