DDM Analysis: NOBLE-R.BK

Valuation Snapshot

Stable Growth	$3.56 - $4.90	$4.24
Multi-Stage	$11.36 - $12.59	$11.96
Blended Fair Value	$8.10
Current Price	$2.18
Upside	271.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-36.91%	14.96%	0.40	0.28	0.08	0.84	1.08	3.98	0.06	0.00	0.00	0.03
YoY Growth	-	-	43.42%	251.25%	-90.59%	-22.73%	-72.73%	7,017.07%	0.00%	0.00%	-100.00%	-66.66%
Dividend Yield	-	-	18.57%	7.45%	1.56%	16.60%	12.76%	100.18%	1.24%	0.00%	0.00%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	946.82
(-) Cash Dividends Paid (M)	258.82
(=) Cash Retained (M)	688.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.36	118.35	71.01
Cash Retained (M)	688.01	688.01	688.01
(-) Cash Required (M)	-189.36	-118.35	-71.01
(=) Excess Retained (M)	498.64	569.65	617.00
(/) Shares Outstanding (M)	1,388.67	1,388.67	1,388.67
(=) Excess Retained per Share	0.36	0.41	0.44
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.36	0.41	0.44
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-7.92%	-6.92%	-5.92%
Fair Value	$3.56	$4.24	$4.90
Upside / Downside	63.26%	94.27%	124.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	946.82	881.32	820.35	763.60	710.78	661.61	681.46
Payout Ratio	27.34%	39.87%	52.40%	64.93%	77.47%	90.00%	92.50%
Projected Dividends (M)	258.82	351.37	429.88	495.84	550.62	595.45	630.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-7.92%	-6.92%	-5.92%
Year 1 PV (M)	327.32	330.87	334.43
Year 2 PV (M)	373.04	381.19	389.42
Year 3 PV (M)	400.83	414.04	427.52
Year 4 PV (M)	414.65	432.96	451.87
Year 5 PV (M)	417.72	440.90	465.09
PV of Terminal Value (M)	13,843.47	14,611.66	15,413.59
Equity Value (M)	15,777.03	16,611.62	17,481.92
Shares Outstanding (M)	1,388.67	1,388.67	1,388.67
Fair Value	$11.36	$11.96	$12.59
Upside / Downside	421.16%	448.73%	477.47%

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Noble Development Public Company Limited (NOBLE-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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