DDM Analysis: HDC.JO

Valuation Snapshot

Stable Growth	$601.31 - $1,123.06	$814.23
Multi-Stage	$559.75 - $609.65	$584.25
Blended Fair Value	$699.24
Current Price	$197.51
Upside	254.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.43%	8.14%	11.29	10.12	9.64	7.43	4.52	6.29	7.38	6.18	6.05	5.51
YoY Growth	-	-	11.61%	5.03%	29.72%	64.22%	-28.07%	-14.75%	19.26%	2.18%	9.84%	6.65%
Dividend Yield	-	-	5.63%	6.20%	6.88%	5.32%	5.29%	5.82%	5.19%	4.55%	5.58%	5.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,118.54
(-) Cash Dividends Paid (M)	837.57
(=) Cash Retained (M)	280.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	223.71	139.82	83.89
Cash Retained (M)	280.98	280.98	280.98
(-) Cash Required (M)	-223.71	-139.82	-83.89
(=) Excess Retained (M)	57.27	141.16	197.09
(/) Shares Outstanding (M)	28.69	28.69	28.69
(=) Excess Retained per Share	2.00	4.92	6.87
LTM Dividend per Share	29.20	29.20	29.20
(+) Excess Retained per Share	2.00	4.92	6.87
(=) Adjusted Dividend	31.19	34.12	36.07
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	4.46%	5.46%	6.46%
Fair Value	$601.31	$814.23	$1,123.06
Upside / Downside	204.45%	312.25%	468.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,118.54	1,179.64	1,244.06	1,312.01	1,383.67	1,459.24	1,503.02
Payout Ratio	74.88%	77.90%	80.93%	83.95%	86.98%	90.00%	92.50%
Projected Dividends (M)	837.57	918.98	1,006.80	1,101.46	1,203.46	1,313.32	1,390.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	4.46%	5.46%	6.46%
Year 1 PV (M)	828.42	836.35	844.28
Year 2 PV (M)	818.13	833.87	849.76
Year 3 PV (M)	806.85	830.24	854.08
Year 4 PV (M)	794.68	825.55	857.31
Year 5 PV (M)	781.76	819.90	859.52
PV of Terminal Value (M)	12,027.37	12,614.18	13,223.68
Equity Value (M)	16,057.20	16,760.09	17,488.62
Shares Outstanding (M)	28.69	28.69	28.69
Fair Value	$559.75	$584.25	$609.65
Upside / Downside	183.40%	195.81%	208.67%

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Hudaco Industries Limited (HDC.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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