DDM Analysis: EXX.JO

Valuation Snapshot

Stable Growth	$1,259.13 - $2,547.82	$1,757.28
Multi-Stage	$986.88 - $1,074.85	$1,030.08
Blended Fair Value	$1,393.68
Current Price	$146.92
Upside	848.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.24%	10.83%	23.78	22.79	36.95	52.48	16.61	24.06	1.02	9.22	2.59	4.07
YoY Growth	-	-	4.34%	-38.31%	-29.61%	215.95%	-30.97%	2,253.04%	-88.91%	256.32%	-36.48%	-52.12%
Dividend Yield	-	-	15.06%	11.15%	17.00%	34.33%	11.96%	18.35%	0.74%	5.69%	2.89%	9.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,250.00
(-) Cash Dividends Paid (M)	9,862.00
(=) Cash Retained (M)	7,388.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,450.00	2,156.25	1,293.75
Cash Retained (M)	7,388.00	7,388.00	7,388.00
(-) Cash Required (M)	-3,450.00	-2,156.25	-1,293.75
(=) Excess Retained (M)	3,938.00	5,231.75	6,094.25
(/) Shares Outstanding (M)	241.52	241.52	241.52
(=) Excess Retained per Share	16.31	21.66	25.23
LTM Dividend per Share	40.83	40.83	40.83
(+) Excess Retained per Share	16.31	21.66	25.23
(=) Adjusted Dividend	57.14	62.50	66.07
WACC / Discount Rate	10.29%	10.29%	10.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,259.13	$1,757.28	$2,547.82
Upside / Downside	757.02%	1,096.08%	1,634.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,250.00	18,371.25	19,565.38	20,837.13	22,191.54	23,633.99	24,343.01
Payout Ratio	57.17%	63.74%	70.30%	76.87%	83.43%	90.00%	92.50%
Projected Dividends (M)	9,862.00	11,709.25	13,754.97	16,017.17	18,515.34	21,270.60	22,517.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.29%	10.29%	10.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,517.33	10,617.02	10,716.71
Year 2 PV (M)	11,097.18	11,308.55	11,521.91
Year 3 PV (M)	11,606.86	11,940.06	12,279.56
Year 4 PV (M)	12,051.39	12,514.85	12,991.56
Year 5 PV (M)	12,435.45	13,036.09	13,659.71
PV of Terminal Value (M)	180,641.14	189,366.17	198,425.13
Equity Value (M)	238,349.35	248,782.73	259,594.58
Shares Outstanding (M)	241.52	241.52	241.52
Fair Value	$986.88	$1,030.08	$1,074.85
Upside / Downside	571.71%	601.12%	631.59%

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Exxaro Resources Limited (EXX.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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