DDM Analysis: NTC.JO

Valuation Snapshot

Stable Growth	$22.99 - $35.13	$28.67
Multi-Stage	$34.01 - $37.23	$35.59
Blended Fair Value	$32.13
Current Price	$14.22
Upside	125.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.16%	-2.03%	0.75	0.00	0.64	0.57	0.00	0.68	1.57	1.09	1.02	0.98
YoY Growth	-	-	0.00%	-100.00%	10.99%	0.00%	-100.00%	-56.91%	43.80%	7.10%	3.68%	6.38%
Dividend Yield	-	-	5.29%	0.00%	4.70%	4.16%	0.00%	5.23%	8.94%	4.58%	4.28%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,201.00
(-) Cash Dividends Paid (M)	1,807.00
(=) Cash Retained (M)	1,394.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	640.20	400.13	240.08
Cash Retained (M)	1,394.00	1,394.00	1,394.00
(-) Cash Required (M)	-640.20	-400.13	-240.08
(=) Excess Retained (M)	753.80	993.88	1,153.93
(/) Shares Outstanding (M)	1,272.20	1,272.20	1,272.20
(=) Excess Retained per Share	0.59	0.78	0.91
LTM Dividend per Share	1.42	1.42	1.42
(+) Excess Retained per Share	0.59	0.78	0.91
(=) Adjusted Dividend	2.01	2.20	2.33
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	0.16%	1.16%	2.16%
Fair Value	$22.99	$28.67	$35.13
Upside / Downside	61.69%	101.60%	147.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,201.00	3,238.15	3,275.72	3,313.73	3,352.19	3,391.09	3,492.82
Payout Ratio	56.45%	63.16%	69.87%	76.58%	83.29%	90.00%	92.50%
Projected Dividends (M)	1,807.00	2,045.24	2,288.77	2,537.67	2,792.04	3,051.98	3,230.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	0.16%	1.16%	2.16%
Year 1 PV (M)	1,859.02	1,877.58	1,896.15
Year 2 PV (M)	1,890.96	1,928.91	1,967.23
Year 3 PV (M)	1,905.71	1,963.36	2,022.17
Year 4 PV (M)	1,905.83	1,983.09	2,062.67
Year 5 PV (M)	1,893.58	1,990.02	2,090.34
PV of Terminal Value (M)	33,807.48	35,529.19	37,320.33
Equity Value (M)	43,262.60	45,272.15	47,358.89
Shares Outstanding (M)	1,272.20	1,272.20	1,272.20
Fair Value	$34.01	$35.59	$37.23
Upside / Downside	139.14%	150.25%	161.79%

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Financial Statements

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Netcare Limited (NTC.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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