DDM Analysis: 7202.SR

Valuation Snapshot

Stable Growth	$118.14 - $181.77	$147.77
Multi-Stage	$268.90 - $295.54	$281.96
Blended Fair Value	$214.86
Current Price	$257.40
Upside	-16.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-2.25%	0.00%	5.95	4.96	3.96	3.33	0.00	6.67	2.50	0.00	0.00	0.00
YoY Growth	-	-	20.02%	25.19%	18.80%	0.00%	-100.00%	166.67%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.94%	1.30%	1.59%	1.58%	0.00%	3.40%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,551.18
(-) Cash Dividends Paid (M)	1,190.41
(=) Cash Retained (M)	360.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	310.24	193.90	116.34
Cash Retained (M)	360.77	360.77	360.77
(-) Cash Required (M)	-310.24	-193.90	-116.34
(=) Excess Retained (M)	50.54	166.88	244.43
(/) Shares Outstanding (M)	120.00	120.00	120.00
(=) Excess Retained per Share	0.42	1.39	2.04
LTM Dividend per Share	9.92	9.92	9.92
(+) Excess Retained per Share	0.42	1.39	2.04
(=) Adjusted Dividend	10.34	11.31	11.96
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$118.14	$147.77	$181.77
Upside / Downside	-54.10%	-42.59%	-29.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,551.18	1,535.67	1,520.31	1,505.11	1,490.06	1,475.16	1,519.41
Payout Ratio	76.74%	79.39%	82.05%	84.70%	87.35%	90.00%	92.50%
Projected Dividends (M)	1,190.41	1,219.22	1,247.34	1,274.78	1,301.54	1,327.64	1,405.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,132.42	1,143.97	1,155.53
Year 2 PV (M)	1,076.05	1,098.12	1,120.42
Year 3 PV (M)	1,021.42	1,053.01	1,085.24
Year 4 PV (M)	968.62	1,008.76	1,050.14
Year 5 PV (M)	917.70	965.48	1,015.24
PV of Terminal Value (M)	27,151.99	28,565.86	30,038.02
Equity Value (M)	32,268.20	33,835.21	35,464.59
Shares Outstanding (M)	120.00	120.00	120.00
Fair Value	$268.90	$281.96	$295.54
Upside / Downside	4.47%	9.54%	14.82%

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Arabian Internet and Communications Services Co. Ltd. (7202.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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