DDM Analysis: ZNKL.TA

Valuation Snapshot

Stable Growth	$64.81 - $128.28	$89.71
Multi-Stage	$49.61 - $54.11	$51.82
Blended Fair Value	$70.77
Current Price	$46.97
Upside	50.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.92%	10.31%	1.12	1.12	2.10	2.10	0.86	0.84	0.99	1.00	0.74	0.63
YoY Growth	-	-	0.00%	-46.67%	0.00%	143.90%	2.50%	-15.49%	-0.70%	34.91%	17.78%	50.00%
Dividend Yield	-	-	2.89%	4.07%	11.79%	9.18%	4.72%	4.43%	6.88%	4.95%	3.78%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.25
(-) Cash Dividends Paid (M)	17.99
(=) Cash Retained (M)	36.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.85	6.78	4.07
Cash Retained (M)	36.25	36.25	36.25
(-) Cash Required (M)	-10.85	-6.78	-4.07
(=) Excess Retained (M)	25.40	29.47	32.18
(/) Shares Outstanding (M)	14.30	14.30	14.30
(=) Excess Retained per Share	1.78	2.06	2.25
LTM Dividend per Share	1.26	1.26	1.26
(+) Excess Retained per Share	1.78	2.06	2.25
(=) Adjusted Dividend	3.03	3.32	3.51
WACC / Discount Rate	10.44%	10.44%	10.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$64.81	$89.71	$128.28
Upside / Downside	37.97%	91.00%	173.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.25	57.77	61.53	65.53	69.78	74.32	76.55
Payout Ratio	33.17%	44.54%	55.90%	67.27%	78.63%	90.00%	92.50%
Projected Dividends (M)	17.99	25.73	34.39	44.08	54.87	66.89	70.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.44%	10.44%	10.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.08	23.30	23.52
Year 2 PV (M)	27.67	28.20	28.73
Year 3 PV (M)	31.81	32.72	33.65
Year 4 PV (M)	35.52	36.89	38.29
Year 5 PV (M)	38.83	40.71	42.66
PV of Terminal Value (M)	552.52	579.21	606.92
Equity Value (M)	709.44	741.03	773.77
Shares Outstanding (M)	14.30	14.30	14.30
Fair Value	$49.61	$51.82	$54.11
Upside / Downside	5.63%	10.33%	15.21%

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Zanlakol Ltd (ZNKL.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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