DDM Analysis: 9631.SR

Valuation Snapshot

Stable Growth	$64.60 - $102.02	$81.71
Multi-Stage	$159.72 - $176.17	$167.78
Blended Fair Value	$124.75
Current Price	$41.90
Upside	197.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022
DPS	0.00%	0.00%	0.98	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.08%	0.00%	0.00%	0.00%	0.00%	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)	44.52
(-) Cash Dividends Paid (M)	6.70
(=) Cash Retained (M)	37.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.90	5.57	3.34
Cash Retained (M)	37.82	37.82	37.82
(-) Cash Required (M)	-8.90	-5.57	-3.34
(=) Excess Retained (M)	28.92	32.26	34.48
(/) Shares Outstanding (M)	6.83	6.83	6.83
(=) Excess Retained per Share	4.23	4.72	5.05
LTM Dividend per Share	0.98	0.98	0.98
(+) Excess Retained per Share	4.23	4.72	5.05
(=) Adjusted Dividend	5.21	5.70	6.03
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$64.60	$81.71	$102.02
Upside / Downside	54.19%	95.02%	143.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.52	44.08	43.64	43.20	42.77	42.34	43.61
Payout Ratio	15.05%	30.04%	45.03%	60.02%	75.01%	90.00%	92.50%
Projected Dividends (M)	6.70	13.24	19.65	25.93	32.08	38.11	40.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.38	12.50	12.63
Year 2 PV (M)	17.17	17.52	17.87
Year 3 PV (M)	21.17	21.83	22.49
Year 4 PV (M)	24.48	25.50	26.54
Year 5 PV (M)	27.18	28.60	30.07
PV of Terminal Value (M)	988.54	1,040.01	1,093.61
Equity Value (M)	1,090.91	1,145.95	1,203.22
Shares Outstanding (M)	6.83	6.83	6.83
Fair Value	$159.72	$167.78	$176.17
Upside / Downside	281.20%	300.43%	320.44%

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Hedab Alkhaleej Trading Co. (9631.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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