DDM Analysis: PHOENIXLTD.BO

Valuation Snapshot

Stable Growth	$725.47 - $1,988.51	$1,120.41
Multi-Stage	$482.96 - $528.21	$505.17
Blended Fair Value	$812.79
Current Price	$1,555.50
Upside	-47.75%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.04%	9.18%	2.50	2.51	1.20	0.49	0.01	1.55	1.34	1.24	0.23	2.03
YoY Growth	-	-	-0.11%	108.03%	147.36%	6,842.22%	-99.55%	15.50%	8.67%	433.27%	-88.59%	95.33%
Dividend Yield	-	-	0.16%	0.14%	0.15%	0.08%	0.00%	0.53%	0.41%	0.37%	0.10%	1.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,782.65
(-) Cash Dividends Paid (M)	891.95
(=) Cash Retained (M)	9,890.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,156.53	1,347.83	808.70
Cash Retained (M)	9,890.70	9,890.70	9,890.70
(-) Cash Required (M)	-2,156.53	-1,347.83	-808.70
(=) Excess Retained (M)	7,734.17	8,542.87	9,082.00
(/) Shares Outstanding (M)	357.62	357.62	357.62
(=) Excess Retained per Share	21.63	23.89	25.40
LTM Dividend per Share	2.49	2.49	2.49
(+) Excess Retained per Share	21.63	23.89	25.40
(=) Adjusted Dividend	24.12	26.38	27.89
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$725.47	$1,120.41	$1,988.51
Upside / Downside	-53.36%	-27.97%	27.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,782.65	11,483.52	12,229.95	13,024.90	13,871.52	14,773.16	15,216.36
Payout Ratio	8.27%	24.62%	40.96%	57.31%	73.65%	90.00%	92.50%
Projected Dividends (M)	891.95	2,826.97	5,009.78	7,464.42	10,216.98	13,295.85	14,075.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,569.02	2,593.37	2,617.72
Year 2 PV (M)	4,137.23	4,216.04	4,295.58
Year 3 PV (M)	5,601.86	5,762.67	5,926.53
Year 4 PV (M)	6,967.95	7,235.92	7,511.54
Year 5 PV (M)	8,240.31	8,638.32	9,051.57
PV of Terminal Value (M)	145,201.07	152,214.33	159,496.01
Equity Value (M)	172,717.45	180,660.65	188,898.95
Shares Outstanding (M)	357.62	357.62	357.62
Fair Value	$482.96	$505.17	$528.21
Upside / Downside	-68.95%	-67.52%	-66.04%

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The Phoenix Mills Limited (PHOENIXLTD.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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