Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

National Central Cooling Company PJSC (TABREED.AE)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$33.55 - $39.53$37.05
Multi-Stage$11.56 - $12.66$12.10
Blended Fair Value$24.57
Current Price$2.87
Upside756.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.32%29.62%0.160.140.060.050.100.090.080.060.060.06
YoY Growth--14.95%130.64%6.54%-45.24%10.53%18.75%23.08%8.33%-6.19%427.07%
Dividend Yield--5.75%4.15%1.95%2.22%3.66%4.99%5.06%4.09%3.15%5.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)564.94
(-) Cash Dividends Paid (M)440.58
(=) Cash Retained (M)124.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)112.9970.6242.37
Cash Retained (M)124.35124.35124.35
(-) Cash Required (M)-112.99-70.62-42.37
(=) Excess Retained (M)11.3753.7481.98
(/) Shares Outstanding (M)2,841.962,841.962,841.96
(=) Excess Retained per Share0.000.020.03
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.000.020.03
(=) Adjusted Dividend0.160.170.18
WACC / Discount Rate4.83%4.83%4.83%
Growth Rate5.50%6.50%7.50%
Fair Value$33.55$37.05$39.53
Upside / Downside1,069.15%1,190.88%1,277.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)564.94601.66640.76682.41726.77774.01797.23
Payout Ratio77.99%80.39%82.79%85.20%87.60%90.00%92.50%
Projected Dividends (M)440.58483.67530.51581.38636.63696.61737.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.83%4.83%4.83%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)457.06461.40465.73
Year 2 PV (M)473.74482.76491.87
Year 3 PV (M)490.61504.69519.05
Year 4 PV (M)507.68527.20547.28
Year 5 PV (M)524.94550.30576.63
PV of Terminal Value (M)30,397.5131,865.7233,390.12
Equity Value (M)32,851.5534,392.0835,990.68
Shares Outstanding (M)2,841.962,841.962,841.96
Fair Value$11.56$12.10$12.66
Upside / Downside302.77%321.66%341.26%

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