DDM Analysis: 2250.SR

Valuation Snapshot

Stable Growth	$0.53 - $0.75	$0.64
Multi-Stage	$0.78 - $0.86	$0.82
Blended Fair Value	$0.73
Current Price	$19.16
Upside	-96.19%
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	2.25%	5.30%	1.07	0.54	2.40	0.63	0.80	0.96	0.81	0.48	0.00	0.64
YoY Growth	-	-	98.41%	-77.57%	278.09%	-20.31%	-16.67%	18.42%	67.54%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	6.33%	2.09%	9.60%	1.63%	2.20%	5.45%	2.95%	1.97%	0.00%	4.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.45
(-) Cash Dividends Paid (M)	7.31
(=) Cash Retained (M)	50.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.49	7.18	4.31
Cash Retained (M)	50.14	50.14	50.14
(-) Cash Required (M)	-11.49	-7.18	-4.31
(=) Excess Retained (M)	38.65	42.96	45.83
(/) Shares Outstanding (M)	706.78	706.78	706.78
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.53	$0.64	$0.75
Upside / Downside	-97.23%	-96.66%	-96.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.45	56.88	56.31	55.74	55.19	54.64	56.27
Payout Ratio	12.73%	28.18%	43.64%	59.09%	74.55%	90.00%	92.50%
Projected Dividends (M)	7.31	16.03	24.57	32.94	41.14	49.17	52.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.43	14.57	14.72
Year 2 PV (M)	19.90	20.31	20.72
Year 3 PV (M)	24.01	24.75	25.51
Year 4 PV (M)	26.98	28.10	29.25
Year 5 PV (M)	29.02	30.53	32.11
PV of Terminal Value (M)	438.88	461.73	485.53
Equity Value (M)	553.21	579.99	607.83
Shares Outstanding (M)	706.78	706.78	706.78
Fair Value	$0.78	$0.82	$0.86
Upside / Downside	-95.91%	-95.72%	-95.51%

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Saudi Industrial Investment Group (2250.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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