DDM Analysis: 5110.SR

Valuation Snapshot

Stable Growth	$138.10 - $270.50	$253.50
Multi-Stage	$42.36 - $46.35	$44.31
Blended Fair Value	$148.91
Current Price	$14.70
Upside	912.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.71%	18.60%	0.70	0.69	0.70	0.70	0.17	0.18	0.13	0.13	0.13	0.13
YoY Growth	-	-	1.58%	-0.92%	-1.00%	309.54%	-2.87%	36.67%	0.10%	0.48%	0.84%	0.25%
Dividend Yield	-	-	4.47%	3.50%	2.98%	2.66%	0.73%	1.11%	0.78%	0.63%	0.56%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,667.22
(-) Cash Dividends Paid (M)	2,926.82
(=) Cash Retained (M)	2,740.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,133.44	708.40	425.04
Cash Retained (M)	2,740.40	2,740.40	2,740.40
(-) Cash Required (M)	-1,133.44	-708.40	-425.04
(=) Excess Retained (M)	1,606.96	2,032.00	2,315.36
(/) Shares Outstanding (M)	4,166.56	4,166.56	4,166.56
(=) Excess Retained per Share	0.39	0.49	0.56
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.39	0.49	0.56
(=) Adjusted Dividend	1.09	1.19	1.26
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$138.10	$253.50	$270.50
Upside / Downside	839.47%	1,624.50%	1,740.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,667.22	6,035.59	6,427.90	6,845.72	7,290.69	7,764.58	7,997.52
Payout Ratio	51.64%	59.32%	66.99%	74.66%	82.33%	90.00%	92.50%
Projected Dividends (M)	2,926.82	3,580.05	4,305.84	5,110.86	6,002.34	6,988.12	7,397.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,335.27	3,366.89	3,398.50
Year 2 PV (M)	3,737.16	3,808.35	3,880.20
Year 3 PV (M)	4,132.57	4,251.20	4,372.08
Year 4 PV (M)	4,521.56	4,695.45	4,874.30
Year 5 PV (M)	4,904.22	5,141.10	5,387.04
PV of Terminal Value (M)	155,847.13	163,374.61	171,190.17
Equity Value (M)	176,477.92	184,637.59	193,102.30
Shares Outstanding (M)	4,166.56	4,166.56	4,166.56
Fair Value	$42.36	$44.31	$46.35
Upside / Downside	188.13%	201.46%	215.28%

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Saudi Electricity Company (5110.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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