DDM Analysis: 4004.SR

Valuation Snapshot

Stable Growth	$335.57 - $1,050.21	$984.20
Multi-Stage	$142.16 - $155.48	$148.70
Blended Fair Value	$566.45
Current Price	$130.60
Upside	333.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.19%	11.01%	2.04	1.49	1.83	1.65	1.01	1.26	1.50	1.20	0.90	0.48
YoY Growth	-	-	37.33%	-18.60%	10.77%	62.69%	-19.37%	-16.02%	25.00%	33.33%	87.50%	-33.33%
Dividend Yield	-	-	1.63%	0.89%	1.19%	1.63%	1.93%	3.30%	3.75%	1.76%	1.34%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	519.88
(-) Cash Dividends Paid (M)	256.67
(=) Cash Retained (M)	263.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	103.98	64.98	38.99
Cash Retained (M)	263.21	263.21	263.21
(-) Cash Required (M)	-103.98	-64.98	-38.99
(=) Excess Retained (M)	159.23	198.23	224.22
(/) Shares Outstanding (M)	98.45	98.45	98.45
(=) Excess Retained per Share	1.62	2.01	2.28
LTM Dividend per Share	2.61	2.61	2.61
(+) Excess Retained per Share	1.62	2.01	2.28
(=) Adjusted Dividend	4.22	4.62	4.88
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$335.57	$984.20	$1,050.21
Upside / Downside	156.95%	653.60%	704.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	519.88	553.67	589.66	627.99	668.81	712.28	733.65
Payout Ratio	49.37%	57.50%	65.62%	73.75%	81.87%	90.00%	92.50%
Projected Dividends (M)	256.67	318.34	386.95	463.13	547.58	641.05	678.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	295.20	298.00	300.79
Year 2 PV (M)	332.73	339.07	345.46
Year 3 PV (M)	369.28	379.88	390.68
Year 4 PV (M)	404.87	420.44	436.46
Year 5 PV (M)	439.52	460.75	482.79
PV of Terminal Value (M)	12,154.15	12,741.20	13,350.72
Equity Value (M)	13,995.75	14,639.33	15,306.90
Shares Outstanding (M)	98.45	98.45	98.45
Fair Value	$142.16	$148.70	$155.48
Upside / Downside	8.85%	13.86%	19.05%

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Dallah Healthcare Company (4004.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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