DDM Analysis: 1214.SR

Valuation Snapshot

Stable Growth	$13.42 - $20.76	$16.82
Multi-Stage	$30.27 - $33.34	$31.77
Blended Fair Value	$24.30
Current Price	$27.10
Upside	-10.34%
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	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.85	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.73%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.09
(-) Cash Dividends Paid (M)	27.75
(=) Cash Retained (M)	52.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.02	10.01	6.01
Cash Retained (M)	52.34	52.34	52.34
(-) Cash Required (M)	-16.02	-10.01	-6.01
(=) Excess Retained (M)	36.32	42.33	46.33
(/) Shares Outstanding (M)	55.49	55.49	55.49
(=) Excess Retained per Share	0.65	0.76	0.84
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.65	0.76	0.84
(=) Adjusted Dividend	1.15	1.26	1.34
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$13.42	$16.82	$20.76
Upside / Downside	-50.48%	-37.92%	-23.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.09	79.29	78.50	77.71	76.94	76.17	78.45
Payout Ratio	34.65%	45.72%	56.79%	67.86%	78.93%	90.00%	92.50%
Projected Dividends (M)	27.75	36.25	44.58	52.73	60.72	68.55	72.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	33.72	34.06	34.40
Year 2 PV (M)	38.56	39.35	40.15
Year 3 PV (M)	42.43	43.74	45.08
Year 4 PV (M)	45.44	47.32	49.26
Year 5 PV (M)	47.71	50.19	52.78
PV of Terminal Value (M)	1,471.57	1,548.20	1,627.99
Equity Value (M)	1,679.43	1,762.87	1,849.67
Shares Outstanding (M)	55.49	55.49	55.49
Fair Value	$30.27	$31.77	$33.34
Upside / Downside	11.69%	17.24%	23.01%

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Al Hassan Ghazi Ibrahim Shaker Company (1214.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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