DDM Analysis: QNNS.QA

Valuation Snapshot

Stable Growth	$16.33 - $31.70	$22.44
Multi-Stage	$24.86 - $27.29	$26.05
Blended Fair Value	$24.25
Current Price	$11.17
Upside	117.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.56%	-2.84%	0.38	0.35	0.30	0.30	0.30	0.30	0.35	0.35	0.50	0.55
YoY Growth	-	-	7.14%	16.67%	0.00%	0.00%	0.00%	-14.29%	0.00%	-30.00%	-9.09%	10.00%
Dividend Yield	-	-	3.41%	3.31%	3.65%	3.49%	3.90%	6.25%	5.34%	6.25%	6.54%	6.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,165.79
(-) Cash Dividends Paid (M)	454.47
(=) Cash Retained (M)	711.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	233.16	145.72	87.43
Cash Retained (M)	711.32	711.32	711.32
(-) Cash Required (M)	-233.16	-145.72	-87.43
(=) Excess Retained (M)	478.16	565.60	623.89
(/) Shares Outstanding (M)	1,136.17	1,136.17	1,136.17
(=) Excess Retained per Share	0.42	0.50	0.55
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.42	0.50	0.55
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.41%	2.41%	3.41%
Fair Value	$16.33	$22.44	$31.70
Upside / Downside	46.23%	100.94%	183.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,165.79	1,193.89	1,222.68	1,252.15	1,282.34	1,313.26	1,352.66
Payout Ratio	38.98%	49.19%	59.39%	69.59%	79.80%	90.00%	92.50%
Projected Dividends (M)	454.47	587.24	726.15	871.42	1,023.27	1,181.93	1,251.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.41%	2.41%	3.41%
Year 1 PV (M)	545.98	551.36	556.74
Year 2 PV (M)	627.69	640.13	652.69
Year 3 PV (M)	700.33	721.25	742.59
Year 4 PV (M)	764.58	795.19	826.70
Year 5 PV (M)	821.08	862.37	905.30
PV of Terminal Value (M)	24,781.58	26,027.76	27,323.57
Equity Value (M)	28,241.23	29,598.05	31,007.59
Shares Outstanding (M)	1,136.17	1,136.17	1,136.17
Fair Value	$24.86	$26.05	$27.29
Upside / Downside	122.53%	133.22%	144.33%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Qatar Navigation Q.P.S.C. (QNNS.QA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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