DDM Analysis: DIC.AE

Valuation Snapshot

Stable Growth	$3.14 - $4.91	$3.95
Multi-Stage	$3.12 - $3.39	$3.25
Blended Fair Value	$3.60
Current Price	$2.56
Upside	40.75%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.56%	7.84%	0.13	0.13	0.19	0.08	0.10	0.10	0.12	0.11	0.11	0.11
YoY Growth	-	-	0.00%	-35.90%	143.75%	-20.00%	0.00%	-16.67%	5.00%	0.00%	6.00%	83.43%
Dividend Yield	-	-	5.27%	5.43%	8.33%	3.29%	6.17%	9.01%	8.51%	5.34%	4.93%	5.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,298.40
(-) Cash Dividends Paid (M)	765.36
(=) Cash Retained (M)	533.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	259.68	162.30	97.38
Cash Retained (M)	533.03	533.03	533.03
(-) Cash Required (M)	-259.68	-162.30	-97.38
(=) Excess Retained (M)	273.35	370.73	435.65
(/) Shares Outstanding (M)	4,252.02	4,252.02	4,252.02
(=) Excess Retained per Share	0.06	0.09	0.10
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.06	0.09	0.10
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	4.09%	5.09%	6.09%
Fair Value	$3.14	$3.95	$4.91
Upside / Downside	22.62%	54.47%	91.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,298.40	1,364.42	1,433.80	1,506.71	1,583.33	1,663.84	1,713.76
Payout Ratio	58.95%	65.16%	71.37%	77.58%	83.79%	90.00%	92.50%
Projected Dividends (M)	765.36	889.02	1,023.28	1,168.89	1,326.66	1,497.46	1,585.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	4.09%	5.09%	6.09%
Year 1 PV (M)	784.92	792.46	800.00
Year 2 PV (M)	797.66	813.06	828.61
Year 3 PV (M)	804.47	827.88	851.74
Year 4 PV (M)	806.13	837.56	869.90
Year 5 PV (M)	803.37	842.71	883.57
PV of Terminal Value (M)	9,258.98	9,712.39	10,183.38
Equity Value (M)	13,255.52	13,826.05	14,417.21
Shares Outstanding (M)	4,252.02	4,252.02	4,252.02
Fair Value	$3.12	$3.25	$3.39
Upside / Downside	21.78%	27.02%	32.45%

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NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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Financial Statements

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Dubai Investments PJSC (DIC.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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