DDM Analysis: TASE.TA

Valuation Snapshot

Stable Growth	$10.74 - $15.22	$12.95
Multi-Stage	$16.42 - $18.01	$17.19
Blended Fair Value	$15.07
Current Price	$76.39
Upside	-80.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	2.89	0.00	0.24	0.20	0.09	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	23.22%	110.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.61%	0.00%	1.53%	1.19%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154.75
(-) Cash Dividends Paid (M)	50.70
(=) Cash Retained (M)	104.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.95	19.34	11.61
Cash Retained (M)	104.05	104.05	104.05
(-) Cash Required (M)	-30.95	-19.34	-11.61
(=) Excess Retained (M)	73.10	84.70	92.44
(/) Shares Outstanding (M)	94.51	94.51	94.51
(=) Excess Retained per Share	0.77	0.90	0.98
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.77	0.90	0.98
(=) Adjusted Dividend	1.31	1.43	1.51
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.74	$12.95	$15.22
Upside / Downside	-85.94%	-83.04%	-80.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154.75	153.20	151.67	150.15	148.65	147.16	151.58
Payout Ratio	32.76%	44.21%	55.66%	67.10%	78.55%	90.00%	92.50%
Projected Dividends (M)	50.70	67.73	84.41	100.76	116.77	132.44	140.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	60.98	61.60	62.22
Year 2 PV (M)	68.42	69.83	71.24
Year 3 PV (M)	73.53	75.80	78.12
Year 4 PV (M)	76.72	79.90	83.18
Year 5 PV (M)	78.35	82.43	86.67
PV of Terminal Value (M)	1,193.37	1,255.51	1,320.21
Equity Value (M)	1,551.36	1,625.06	1,701.65
Shares Outstanding (M)	94.51	94.51	94.51
Fair Value	$16.42	$17.19	$18.01
Upside / Downside	-78.51%	-77.49%	-76.43%

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The Tel-Aviv Stock Exchange Ltd. (TASE.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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