DDM Analysis: 4002.SR

Valuation Snapshot

Stable Growth	$239.40 - $750.73	$703.54
Multi-Stage	$101.81 - $111.34	$106.49
Blended Fair Value	$405.02
Current Price	$73.65
Upside	449.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.87%	13.35%	1.75	1.50	1.37	1.25	1.00	0.87	0.75	0.62	0.50	0.50
YoY Growth	-	-	16.67%	9.09%	10.00%	25.00%	14.29%	16.67%	20.00%	25.00%	0.00%	0.00%
Dividend Yield	-	-	2.36%	1.09%	1.17%	1.18%	1.27%	2.09%	1.87%	1.42%	1.40%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	755.51
(-) Cash Dividends Paid (M)	400.00
(=) Cash Retained (M)	355.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	151.10	94.44	56.66
Cash Retained (M)	355.51	355.51	355.51
(-) Cash Required (M)	-151.10	-94.44	-56.66
(=) Excess Retained (M)	204.41	261.07	298.85
(/) Shares Outstanding (M)	200.14	200.14	200.14
(=) Excess Retained per Share	1.02	1.30	1.49
LTM Dividend per Share	2.00	2.00	2.00
(+) Excess Retained per Share	1.02	1.30	1.49
(=) Adjusted Dividend	3.02	3.30	3.49
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$239.40	$703.54	$750.73
Upside / Downside	225.05%	855.25%	919.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	755.51	804.62	856.92	912.62	971.94	1,035.11	1,066.17
Payout Ratio	52.94%	60.36%	67.77%	75.18%	82.59%	90.00%	92.50%
Projected Dividends (M)	400.00	485.63	580.70	686.08	802.71	931.60	986.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	450.31	454.58	458.85
Year 2 PV (M)	499.31	508.82	518.42
Year 3 PV (M)	547.01	562.71	578.72
Year 4 PV (M)	593.45	616.27	639.75
Year 5 PV (M)	638.65	669.50	701.52
PV of Terminal Value (M)	17,648.48	18,500.91	19,385.96
Equity Value (M)	20,377.21	21,312.79	22,283.21
Shares Outstanding (M)	200.14	200.14	200.14
Fair Value	$101.81	$106.49	$111.34
Upside / Downside	38.24%	44.59%	51.17%

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Mouwasat Medical Services Company (4002.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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