DDM Analysis: TSG.JO

Valuation Snapshot

Stable Growth	$16.10 - $22.86	$19.43
Multi-Stage	$29.43 - $32.27	$30.82
Blended Fair Value	$25.12
Current Price	$6.53
Upside	284.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.49%	-2.49%	0.70	0.87	0.49	0.00	0.00	0.84	2.06	0.98	1.07	0.84
YoY Growth	-	-	-19.60%	76.65%	0.00%	0.00%	-100.00%	-59.20%	110.54%	-8.39%	26.20%	-6.50%
Dividend Yield	-	-	8.49%	8.08%	4.08%	0.00%	0.00%	27.07%	10.29%	4.19%	3.86%	3.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,553.00
(-) Cash Dividends Paid (M)	1,669.00
(=) Cash Retained (M)	884.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	510.60	319.13	191.48
Cash Retained (M)	884.00	884.00	884.00
(-) Cash Required (M)	-510.60	-319.13	-191.48
(=) Excess Retained (M)	373.40	564.88	692.53
(/) Shares Outstanding (M)	1,039.24	1,039.24	1,039.24
(=) Excess Retained per Share	0.36	0.54	0.67
LTM Dividend per Share	1.61	1.61	1.61
(+) Excess Retained per Share	0.36	0.54	0.67
(=) Adjusted Dividend	1.97	2.15	2.27
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.99%	-1.99%	-0.99%
Fair Value	$16.10	$19.43	$22.86
Upside / Downside	146.54%	197.56%	250.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,553.00	2,502.32	2,452.64	2,403.95	2,356.22	2,309.44	2,378.73
Payout Ratio	65.37%	70.30%	75.22%	80.15%	85.07%	90.00%	92.50%
Projected Dividends (M)	1,669.00	1,759.11	1,844.98	1,926.75	2,004.55	2,078.50	2,200.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.99%	-1.99%	-0.99%
Year 1 PV (M)	1,599.49	1,615.97	1,632.46
Year 2 PV (M)	1,525.34	1,556.95	1,588.88
Year 3 PV (M)	1,448.40	1,493.65	1,539.84
Year 4 PV (M)	1,370.14	1,427.52	1,486.67
Year 5 PV (M)	1,291.77	1,359.74	1,430.53
PV of Terminal Value (M)	23,345.25	24,573.49	25,852.89
Equity Value (M)	30,580.39	32,027.31	33,531.27
Shares Outstanding (M)	1,039.24	1,039.24	1,039.24
Fair Value	$29.43	$30.82	$32.27
Upside / Downside	350.63%	371.95%	394.11%

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Tsogo Sun Gaming Limited (TSG.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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