DDM Analysis: NED.JO

Valuation Snapshot

Stable Growth	$1,302.73 - $2,870.91	$1,874.66
Multi-Stage	$1,281.80 - $1,401.12	$1,340.36
Blended Fair Value	$1,607.51
Current Price	$243.04
Upside	561.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.51%	7.72%	20.38	17.97	16.33	4.54	7.30	14.87	14.07	12.68	11.66	11.26
YoY Growth	-	-	13.37%	10.08%	259.32%	-37.77%	-50.88%	5.66%	10.92%	8.82%	3.56%	16.20%
Dividend Yield	-	-	7.23%	8.40%	7.68%	2.60%	5.64%	6.94%	5.12%	4.95%	4.89%	5.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32,358.00
(-) Cash Dividends Paid (M)	19,482.00
(=) Cash Retained (M)	12,876.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,471.60	4,044.75	2,426.85
Cash Retained (M)	12,876.00	12,876.00	12,876.00
(-) Cash Required (M)	-6,471.60	-4,044.75	-2,426.85
(=) Excess Retained (M)	6,404.40	8,831.25	10,449.15
(/) Shares Outstanding (M)	479.32	479.32	479.32
(=) Excess Retained per Share	13.36	18.42	21.80
LTM Dividend per Share	40.65	40.65	40.65
(+) Excess Retained per Share	13.36	18.42	21.80
(=) Adjusted Dividend	54.01	59.07	62.44
WACC / Discount Rate	8.00%	8.00%	8.00%
Growth Rate	3.70%	4.70%	5.70%
Fair Value	$1,302.73	$1,874.66	$2,870.91
Upside / Downside	436.02%	671.34%	1,081.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32,358.00	33,879.70	35,472.96	37,141.15	38,887.79	40,716.56	41,938.06
Payout Ratio	60.21%	66.17%	72.12%	78.08%	84.04%	90.00%	92.50%
Projected Dividends (M)	19,482.00	22,416.89	25,584.73	29,000.95	32,681.89	36,644.91	38,792.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.00%	8.00%	8.00%
Growth Rate	3.70%	4.70%	5.70%
Year 1 PV (M)	20,557.79	20,756.03	20,954.27
Year 2 PV (M)	21,517.06	21,934.04	22,355.02
Year 3 PV (M)	22,367.40	23,020.72	23,686.64
Year 4 PV (M)	23,115.93	24,020.54	24,951.44
Year 5 PV (M)	23,769.44	24,937.79	26,151.65
PV of Terminal Value (M)	503,067.66	527,795.26	553,485.80
Equity Value (M)	614,395.29	642,464.38	671,584.81
Shares Outstanding (M)	479.32	479.32	479.32
Fair Value	$1,281.80	$1,340.36	$1,401.12
Upside / Downside	427.40%	451.50%	476.50%

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Nedbank Group Limited (NED.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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