DDM Analysis: 2RR.F

Valuation Snapshot

Stable Growth	$54.64 - $82.30	$67.71
Multi-Stage	$104.91 - $115.65	$110.17
Blended Fair Value	$88.94
Current Price	$158.96
Upside	-44.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.52	0.94	0.00	0.00	0.00	0.00	0.00	0.00	5.04	1.51
YoY Growth	-	-	62.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	233.68%	0.00%
Dividend Yield	-	-	1.51%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.98%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123,354.00
(-) Cash Dividends Paid (M)	20.00
(=) Cash Retained (M)	123,334.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24,670.80	15,419.25	9,251.55
Cash Retained (M)	123,334.00	123,334.00	123,334.00
(-) Cash Required (M)	-24,670.80	-15,419.25	-9,251.55
(=) Excess Retained (M)	98,663.20	107,914.75	114,082.45
(/) Shares Outstanding (M)	19,168.50	19,168.50	19,168.50
(=) Excess Retained per Share	5.15	5.63	5.95
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	5.15	5.63	5.95
(=) Adjusted Dividend	5.15	5.63	5.95
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$54.64	$67.71	$82.30
Upside / Downside	-65.63%	-57.41%	-48.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123,354.00	122,120.46	120,899.26	119,690.26	118,493.36	117,308.43	120,827.68
Payout Ratio	0.02%	18.01%	36.01%	54.01%	72.00%	90.00%	92.50%
Projected Dividends (M)	20.00	21,997.52	43,535.49	64,640.50	85,319.06	105,577.58	111,765.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20,306.52	20,513.73	20,720.94
Year 2 PV (M)	37,099.40	37,860.40	38,629.11
Year 3 PV (M)	50,849.88	52,422.44	54,027.10
Year 4 PV (M)	61,957.37	64,525.21	67,172.06
Year 5 PV (M)	70,775.07	74,460.49	78,297.87
PV of Terminal Value (M)	1,769,907.53	1,862,070.73	1,958,033.87
Equity Value (M)	2,010,895.77	2,111,852.99	2,216,880.95
Shares Outstanding (M)	19,168.50	19,168.50	19,168.50
Fair Value	$104.91	$110.17	$115.65
Upside / Downside	-34.00%	-30.69%	-27.24%

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Alibaba Group Holding Limited (2RR.F)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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