DDM Analysis: FIBIH.TA

Valuation Snapshot

Stable Growth	$1,189.31 - $4,506.50	$2,003.37
Multi-Stage	$761.86 - $832.15	$796.36
Blended Fair Value	$1,399.86
Current Price	$251.40
Upside	456.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.49%	33.21%	13.40	10.77	12.81	7.31	1.55	5.50	4.77	4.15	2.68	1.69
YoY Growth	-	-	24.35%	-15.86%	75.29%	370.91%	-71.79%	15.38%	14.97%	54.74%	58.33%	122.22%
Dividend Yield	-	-	6.86%	6.43%	9.52%	4.73%	1.48%	5.47%	4.66%	4.58%	3.60%	3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,450.00
(-) Cash Dividends Paid (M)	600.00
(=) Cash Retained (M)	850.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290.00	181.25	108.75
Cash Retained (M)	850.00	850.00	850.00
(-) Cash Required (M)	-290.00	-181.25	-108.75
(=) Excess Retained (M)	560.00	668.75	741.25
(/) Shares Outstanding (M)	35.45	35.45	35.45
(=) Excess Retained per Share	15.80	18.86	20.91
LTM Dividend per Share	16.92	16.92	16.92
(+) Excess Retained per Share	15.80	18.86	20.91
(=) Adjusted Dividend	32.72	35.79	37.83
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,189.31	$2,003.37	$4,506.50
Upside / Downside	373.07%	696.88%	1,692.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,450.00	1,544.25	1,644.63	1,751.53	1,865.38	1,986.63	2,046.22
Payout Ratio	41.38%	51.10%	60.83%	70.55%	80.28%	90.00%	92.50%
Projected Dividends (M)	600.00	789.17	1,000.39	1,235.73	1,497.45	1,787.96	1,892.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	721.16	728.00	734.83
Year 2 PV (M)	835.40	851.31	867.38
Year 3 PV (M)	943.01	970.08	997.66
Year 4 PV (M)	1,044.25	1,084.41	1,125.72
Year 5 PV (M)	1,139.40	1,194.44	1,251.58
PV of Terminal Value (M)	22,326.55	23,404.93	24,524.58
Equity Value (M)	27,009.77	28,233.16	29,501.74
Shares Outstanding (M)	35.45	35.45	35.45
Fair Value	$761.86	$796.36	$832.15
Upside / Downside	203.04%	216.77%	231.00%

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F.I.B.I. Holdings Ltd (FIBIH.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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