DDM Analysis: ALTF.TA

Valuation Snapshot

Stable Growth	$10.41 - $21.88	$14.73
Multi-Stage	$10.02 - $10.93	$10.47
Blended Fair Value	$12.60
Current Price	$5.98
Upside	110.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.96%	0.00%	0.44	0.57	1.41	0.52	0.33	0.28	0.00	0.18	0.04	0.00
YoY Growth	-	-	-23.21%	-59.71%	172.55%	59.38%	14.29%	0.00%	-100.00%	337.50%	0.00%	0.00%
Dividend Yield	-	-	8.32%	10.94%	20.06%	3.46%	1.53%	2.25%	0.00%	2.74%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.24
(-) Cash Dividends Paid (M)	82.00
(=) Cash Retained (M)	30.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.45	14.03	8.42
Cash Retained (M)	30.24	30.24	30.24
(-) Cash Required (M)	-22.45	-14.03	-8.42
(=) Excess Retained (M)	7.79	16.21	21.82
(/) Shares Outstanding (M)	196.81	196.81	196.81
(=) Excess Retained per Share	0.04	0.08	0.11
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.04	0.08	0.11
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	3.97%	4.97%	5.97%
Fair Value	$10.41	$14.73	$21.88
Upside / Downside	74.14%	146.39%	265.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.24	117.82	123.68	129.83	136.28	143.06	147.35
Payout Ratio	73.06%	76.45%	79.84%	83.22%	86.61%	90.00%	92.50%
Projected Dividends (M)	82.00	90.07	98.74	108.05	118.04	128.75	136.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	3.97%	4.97%	5.97%
Year 1 PV (M)	82.20	82.99	83.78
Year 2 PV (M)	82.24	83.83	85.44
Year 3 PV (M)	82.14	84.53	86.97
Year 4 PV (M)	81.89	85.09	88.38
Year 5 PV (M)	81.52	85.52	89.67
PV of Terminal Value (M)	1,561.57	1,638.12	1,717.65
Equity Value (M)	1,971.56	2,060.08	2,151.89
Shares Outstanding (M)	196.81	196.81	196.81
Fair Value	$10.02	$10.47	$10.93
Upside / Downside	67.52%	75.04%	82.84%

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Altshuler Shaham Finance Ltd (ALTF.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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