DDM Analysis: 1322.SR

Valuation Snapshot

Stable Growth	$214.96 - $564.00	$528.55
Multi-Stage	$82.40 - $90.06	$86.16
Blended Fair Value	$307.35
Current Price	$73.50
Upside	318.17%
Decision	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%	1.55	0.73	1.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	111.68%	-61.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.77%	1.32%	3.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	250.86
(-) Cash Dividends Paid (M)	184.16
(=) Cash Retained (M)	66.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.17	31.36	18.81
Cash Retained (M)	66.70	66.70	66.70
(-) Cash Required (M)	-50.17	-31.36	-18.81
(=) Excess Retained (M)	16.53	35.35	47.89
(/) Shares Outstanding (M)	88.46	88.46	88.46
(=) Excess Retained per Share	0.19	0.40	0.54
LTM Dividend per Share	2.08	2.08	2.08
(+) Excess Retained per Share	0.19	0.40	0.54
(=) Adjusted Dividend	2.27	2.48	2.62
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$214.96	$528.55	$564.00
Upside / Downside	192.47%	619.11%	667.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	250.86	267.17	284.53	303.03	322.72	343.70	354.01
Payout Ratio	73.41%	76.73%	80.05%	83.36%	86.68%	90.00%	92.50%
Projected Dividends (M)	184.16	204.99	227.76	252.61	279.74	309.33	327.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	190.47	192.27	194.08
Year 2 PV (M)	196.63	200.38	204.16
Year 3 PV (M)	202.64	208.46	214.39
Year 4 PV (M)	208.51	216.53	224.77
Year 5 PV (M)	214.23	224.57	235.32
PV of Terminal Value (M)	6,276.09	6,579.23	6,893.97
Equity Value (M)	7,288.57	7,621.44	7,966.68
Shares Outstanding (M)	88.46	88.46	88.46
Fair Value	$82.40	$86.16	$90.06
Upside / Downside	12.10%	17.22%	22.53%

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Al Masane Al Kobra Mining Company (1322.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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