DDM Analysis: FFB.JO

Valuation Snapshot

Stable Growth	$30.49 - $45.02	$37.45
Multi-Stage	$54.23 - $59.69	$56.90
Blended Fair Value	$47.18
Current Price	$20.06
Upside	135.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.41	0.00	0.57	0.18	1.03	2.26	2.35	2.01	1.18
YoY Growth	-	-	-100.00%	17,419.86%	-99.59%	212.58%	-82.25%	-54.72%	-3.47%	16.78%	70.05%	0.00%
Dividend Yield	-	-	0.00%	2.47%	0.02%	5.33%	1.34%	8.23%	10.58%	15.23%	11.70%	7.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,979.93
(-) Cash Dividends Paid (M)	838.86
(=) Cash Retained (M)	5,141.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,195.99	747.49	448.49
Cash Retained (M)	5,141.06	5,141.06	5,141.06
(-) Cash Required (M)	-1,195.99	-747.49	-448.49
(=) Excess Retained (M)	3,945.08	4,393.57	4,692.57
(/) Shares Outstanding (M)	1,546.17	1,546.17	1,546.17
(=) Excess Retained per Share	2.55	2.84	3.03
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	2.55	2.84	3.03
(=) Adjusted Dividend	3.09	3.38	3.58
WACC / Discount Rate	7.95%	7.95%	7.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$30.49	$37.45	$45.02
Upside / Downside	51.98%	86.69%	124.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,979.93	5,920.13	5,860.93	5,802.32	5,744.29	5,686.85	5,857.46
Payout Ratio	14.03%	29.22%	44.42%	59.61%	74.81%	90.00%	92.50%
Projected Dividends (M)	838.86	1,730.00	2,603.24	3,458.83	4,297.05	5,118.17	5,418.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.95%	7.95%	7.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,586.47	1,602.66	1,618.84
Year 2 PV (M)	2,189.18	2,234.09	2,279.45
Year 3 PV (M)	2,667.36	2,749.85	2,834.03
Year 4 PV (M)	3,038.84	3,164.78	3,294.60
Year 5 PV (M)	3,319.22	3,492.05	3,672.02
PV of Terminal Value (M)	71,042.01	74,741.34	78,593.18
Equity Value (M)	83,843.08	87,984.77	92,292.13
Shares Outstanding (M)	1,546.17	1,546.17	1,546.17
Fair Value	$54.23	$56.90	$59.69
Upside / Downside	170.32%	183.67%	197.56%

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Fortress REIT Limited (FFB.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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