DDM Analysis: 9523.SR

Valuation Snapshot

Stable Growth	$66.05 - $109.57	$85.30
Multi-Stage	$218.31 - $241.07	$229.46
Blended Fair Value	$157.38
Current Price	$28.30
Upside	456.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.86	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	2.14%	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)	163.40
(-) Cash Dividends Paid (M)	14.00
(=) Cash Retained (M)	149.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.68	20.42	12.25
Cash Retained (M)	149.40	149.40	149.40
(-) Cash Required (M)	-32.68	-20.42	-12.25
(=) Excess Retained (M)	116.72	128.97	137.14
(/) Shares Outstanding (M)	28.00	28.00	28.00
(=) Excess Retained per Share	4.17	4.61	4.90
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	4.17	4.61	4.90
(=) Adjusted Dividend	4.67	5.11	5.40
WACC / Discount Rate	4.93%	4.93%	4.93%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$66.05	$85.30	$109.57
Upside / Downside	133.40%	201.41%	287.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	163.40	161.77	160.15	158.55	156.96	155.39	160.05
Payout Ratio	8.57%	24.85%	41.14%	57.43%	73.71%	90.00%	92.50%
Projected Dividends (M)	14.00	40.21	65.89	91.05	115.70	139.85	148.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.93%	4.93%	4.93%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	37.93	38.32	38.71
Year 2 PV (M)	58.64	59.84	61.06
Year 3 PV (M)	76.45	78.82	81.23
Year 4 PV (M)	91.66	95.45	99.37
Year 5 PV (M)	104.52	109.96	115.63
PV of Terminal Value (M)	5,743.42	6,042.49	6,353.90
Equity Value (M)	6,112.62	6,424.89	6,749.89
Shares Outstanding (M)	28.00	28.00	28.00
Fair Value	$218.31	$229.46	$241.07
Upside / Downside	671.41%	710.81%	751.83%

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Group Five Pipe Saudi Ltd. (9523.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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