DDM Analysis: AFRE.TA

Valuation Snapshot

Stable Growth	$436.56 - $1,161.66	$668.23
Multi-Stage	$409.95 - $449.04	$429.13
Blended Fair Value	$548.68
Current Price	$260.10
Upside	110.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.67%	5.20%	6.53	6.13	6.60	7.08	3.93	3.93	3.93	6.29	5.50	3.93
YoY Growth	-	-	6.41%	-7.14%	-6.67%	80.00%	0.00%	0.00%	-37.50%	14.29%	40.00%	0.00%
Dividend Yield	-	-	2.92%	2.48%	4.67%	3.20%	2.49%	4.80%	5.62%	8.69%	7.26%	5.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	240.27
(-) Cash Dividends Paid (M)	78.00
(=) Cash Retained (M)	162.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.05	30.03	18.02
Cash Retained (M)	162.27	162.27	162.27
(-) Cash Required (M)	-48.05	-30.03	-18.02
(=) Excess Retained (M)	114.22	132.24	144.25
(/) Shares Outstanding (M)	12.72	12.72	12.72
(=) Excess Retained per Share	8.98	10.40	11.34
LTM Dividend per Share	6.13	6.13	6.13
(+) Excess Retained per Share	8.98	10.40	11.34
(=) Adjusted Dividend	15.11	16.53	17.47
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	3.71%	4.71%	5.71%
Fair Value	$436.56	$668.23	$1,161.66
Upside / Downside	67.85%	156.91%	346.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	240.27	251.58	263.42	275.81	288.79	302.38	311.45
Payout Ratio	32.46%	43.97%	55.48%	66.99%	78.49%	90.00%	92.50%
Projected Dividends (M)	78.00	110.62	146.14	184.75	226.68	272.14	288.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	3.71%	4.71%	5.71%
Year 1 PV (M)	102.11	103.10	104.08
Year 2 PV (M)	124.53	126.94	129.38
Year 3 PV (M)	145.33	149.57	153.90
Year 4 PV (M)	164.59	171.03	177.66
Year 5 PV (M)	182.41	191.37	200.69
PV of Terminal Value (M)	4,494.99	4,715.93	4,945.48
Equity Value (M)	5,213.96	5,457.95	5,711.18
Shares Outstanding (M)	12.72	12.72	12.72
Fair Value	$409.95	$429.13	$449.04
Upside / Downside	57.61%	64.99%	72.64%

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Africa Israel Residences Ltd (AFRE.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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