DDM Analysis: 4100.SR

Valuation Snapshot

Stable Growth	$169.97 - $465.55	$436.28
Multi-Stage	$70.98 - $77.64	$74.25
Blended Fair Value	$255.27
Current Price	$92.00
Upside	177.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2022	2021	2020	2019	2018	2017	2016
DPS	-5.11%	-5.06%	1.28	0.85	0.00	0.00	1.22	1.66	1.70	0.00	2.11	2.14
YoY Growth	-	-	51.23%	0.00%	0.00%	-100.00%	-26.71%	-2.28%	0.00%	-100.00%	-1.45%	-0.52%
Dividend Yield	-	-	1.18%	1.00%	0.00%	0.00%	2.34%	3.24%	2.67%	0.00%	2.30%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	448.99
(-) Cash Dividends Paid (M)	296.54
(=) Cash Retained (M)	152.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.80	56.12	33.67
Cash Retained (M)	152.45	152.45	152.45
(-) Cash Required (M)	-89.80	-56.12	-33.67
(=) Excess Retained (M)	62.65	96.33	118.78
(/) Shares Outstanding (M)	191.37	191.37	191.37
(=) Excess Retained per Share	0.33	0.50	0.62
LTM Dividend per Share	1.55	1.55	1.55
(+) Excess Retained per Share	0.33	0.50	0.62
(=) Adjusted Dividend	1.88	2.05	2.17
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.26%	6.26%	7.26%
Fair Value	$169.97	$436.28	$465.55
Upside / Downside	84.75%	374.22%	406.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	448.99	477.09	506.94	538.67	572.37	608.19	626.44
Payout Ratio	66.05%	70.84%	75.63%	80.42%	85.21%	90.00%	92.50%
Projected Dividends (M)	296.54	337.95	383.39	433.19	487.72	547.37	579.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.26%	6.26%	7.26%
Year 1 PV (M)	314.58	317.56	320.55
Year 2 PV (M)	332.18	338.52	344.93
Year 3 PV (M)	349.37	359.42	369.66
Year 4 PV (M)	366.14	380.25	394.77
Year 5 PV (M)	382.50	401.02	420.25
PV of Terminal Value (M)	11,839.06	12,412.23	13,007.39
Equity Value (M)	13,583.82	14,209.00	14,857.54
Shares Outstanding (M)	191.37	191.37	191.37
Fair Value	$70.98	$74.25	$77.64
Upside / Downside	-22.84%	-19.29%	-15.61%

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Makkah Construction & Development Company (4100.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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