DDM Analysis: ZZD.JO

Valuation Snapshot

Stable Growth	$47.59 - $68.31	$57.72
Multi-Stage	$74.34 - $81.75	$77.97
Blended Fair Value	$67.84
Current Price	$12.57
Upside	439.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.53	0.02	6.21	0.69	0.28	1.20	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	2,418.98%	-99.66%	795.39%	144.31%	-76.41%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	3.83%	0.17%	45.63%	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)	1,271.47
(-) Cash Dividends Paid (M)	142.89
(=) Cash Retained (M)	1,128.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	254.29	158.93	95.36
Cash Retained (M)	1,128.59	1,128.59	1,128.59
(-) Cash Required (M)	-254.29	-158.93	-95.36
(=) Excess Retained (M)	874.29	969.65	1,033.23
(/) Shares Outstanding (M)	186.59	186.59	186.59
(=) Excess Retained per Share	4.69	5.20	5.54
LTM Dividend per Share	0.77	0.77	0.77
(+) Excess Retained per Share	4.69	5.20	5.54
(=) Adjusted Dividend	5.45	5.96	6.30
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$47.59	$57.72	$68.31
Upside / Downside	278.57%	359.18%	443.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,271.47	1,258.76	1,246.17	1,233.71	1,221.37	1,209.16	1,245.43
Payout Ratio	11.24%	26.99%	42.74%	58.50%	74.25%	90.00%	92.50%
Projected Dividends (M)	142.89	339.74	532.65	721.66	906.84	1,088.24	1,152.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	307.90	311.04	314.18
Year 2 PV (M)	437.48	446.46	455.52
Year 3 PV (M)	537.17	553.79	570.74
Year 4 PV (M)	611.75	637.10	663.24
Year 5 PV (M)	665.32	699.96	736.04
PV of Terminal Value (M)	11,310.72	11,899.69	12,512.95
Equity Value (M)	13,870.35	14,548.05	15,252.67
Shares Outstanding (M)	186.59	186.59	186.59
Fair Value	$74.34	$77.97	$81.75
Upside / Downside	491.39%	520.28%	550.32%

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Zeda Limited (ZZD.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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