DDM Analysis: ORA

Valuation Snapshot

Stable Growth	$36.13 - $70.89	$49.86
Multi-Stage	$36.31 - $39.76	$38.01
Blended Fair Value	$43.93
Current Price	$96.25
Upside	-54.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.39%	11.78%	0.48	0.47	0.45	0.44	0.37	0.37	0.44	0.34	0.42	0.21
YoY Growth	-	-	2.45%	4.68%	0.58%	20.09%	0.38%	-16.58%	30.83%	-20.13%	101.97%	33.08%
Dividend Yield	-	-	0.67%	0.72%	0.53%	0.54%	0.47%	0.54%	0.80%	0.60%	0.74%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.37
(-) Cash Dividends Paid (M)	29.09
(=) Cash Retained (M)	104.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.67	16.67	10.00
Cash Retained (M)	104.27	104.27	104.27
(-) Cash Required (M)	-26.67	-16.67	-10.00
(=) Excess Retained (M)	77.60	87.60	94.27
(/) Shares Outstanding (M)	60.94	60.94	60.94
(=) Excess Retained per Share	1.27	1.44	1.55
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	1.27	1.44	1.55
(=) Adjusted Dividend	1.75	1.91	2.02
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$36.13	$49.86	$70.89
Upside / Downside	-62.46%	-48.20%	-26.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.37	139.22	145.34	151.72	158.39	165.35	170.31
Payout Ratio	21.81%	35.45%	49.09%	62.73%	76.36%	90.00%	92.50%
Projected Dividends (M)	29.09	49.36	71.34	95.17	120.95	148.81	157.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	45.09	45.53	45.97
Year 2 PV (M)	59.56	60.71	61.88
Year 3 PV (M)	72.58	74.71	76.88
Year 4 PV (M)	84.28	87.59	90.99
Year 5 PV (M)	94.74	99.41	104.27
PV of Terminal Value (M)	1,856.56	1,948.09	2,043.20
Equity Value (M)	2,212.82	2,316.05	2,423.19
Shares Outstanding (M)	60.94	60.94	60.94
Fair Value	$36.31	$38.01	$39.76
Upside / Downside	-62.27%	-60.51%	-58.69%

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Ormat Technologies, Inc. (ORA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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