DDM Analysis: NBR

Valuation Snapshot

Stable Growth	$190.41 - $315.29	$245.70
Multi-Stage	$990.75 - $1,095.72	$1,042.18
Blended Fair Value	$643.94
Current Price	$40.87
Upside	1,475.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-47.91%	0.01	0.02	0.01	0.61	0.00	0.00	0.00	5.65	4.20	5.72
YoY Growth	-	-	-55.15%	198.46%	-99.12%	0.00%	0.00%	0.00%	-100.00%	34.52%	-26.58%	17.28%
Dividend Yield	-	-	0.02%	0.02%	0.00%	0.40%	0.00%	0.00%	0.00%	1.62%	0.64%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	206.43
(-) Cash Dividends Paid (M)	6.05
(=) Cash Retained (M)	200.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.29	25.80	15.48
Cash Retained (M)	200.38	200.38	200.38
(-) Cash Required (M)	-41.29	-25.80	-15.48
(=) Excess Retained (M)	159.09	174.58	184.90
(/) Shares Outstanding (M)	12.12	12.12	12.12
(=) Excess Retained per Share	13.13	14.41	15.26
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	13.13	14.41	15.26
(=) Adjusted Dividend	13.63	14.90	15.76
WACC / Discount Rate	4.20%	4.20%	4.20%
Growth Rate	-2.76%	-1.76%	-0.76%
Fair Value	$190.41	$245.70	$315.29
Upside / Downside	365.88%	501.18%	671.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	206.43	202.81	199.25	195.75	192.31	188.94	194.61
Payout Ratio	2.93%	20.35%	37.76%	55.17%	72.59%	90.00%	92.50%
Projected Dividends (M)	6.05	41.26	75.23	108.00	139.59	170.04	180.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.20%	4.20%	4.20%
Growth Rate	-2.76%	-1.76%	-0.76%
Year 1 PV (M)	39.19	39.60	40.00
Year 2 PV (M)	67.88	69.29	70.70
Year 3 PV (M)	92.56	95.45	98.39
Year 4 PV (M)	113.65	118.39	123.29
Year 5 PV (M)	131.50	138.40	145.59
PV of Terminal Value (M)	11,562.16	12,169.00	12,801.06
Equity Value (M)	12,006.94	12,630.13	13,279.03
Shares Outstanding (M)	12.12	12.12	12.12
Fair Value	$990.75	$1,042.18	$1,095.72
Upside / Downside	2,324.16%	2,449.98%	2,580.99%

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Nabors Industries Ltd. (NBR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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