DDM Analysis: 4090.SR

Valuation Snapshot

Stable Growth	$147.18 - $296.15	$277.54
Multi-Stage	$46.01 - $50.34	$48.14
Blended Fair Value	$162.84
Current Price	$41.48
Upside	292.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.66%	-9.29%	0.65	0.01	0.02	2.72	0.56	1.14	0.96	0.92	0.98	1.15
YoY Growth	-	-	6,387.29%	-55.67%	-99.17%	382.72%	-50.74%	19.59%	3.94%	-5.88%	-15.00%	-33.33%
Dividend Yield	-	-	1.39%	0.03%	0.08%	8.41%	1.82%	4.61%	3.33%	2.98%	2.20%	3.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	388.93
(-) Cash Dividends Paid (M)	195.77
(=) Cash Retained (M)	193.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77.79	48.62	29.17
Cash Retained (M)	193.16	193.16	193.16
(-) Cash Required (M)	-77.79	-48.62	-29.17
(=) Excess Retained (M)	115.38	144.55	163.99
(/) Shares Outstanding (M)	261.17	261.17	261.17
(=) Excess Retained per Share	0.44	0.55	0.63
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	0.44	0.55	0.63
(=) Adjusted Dividend	1.19	1.30	1.38
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$147.18	$277.54	$296.15
Upside / Downside	254.81%	569.09%	613.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	388.93	414.21	441.13	469.80	500.34	532.86	548.85
Payout Ratio	50.33%	58.27%	66.20%	74.13%	82.07%	90.00%	92.50%
Projected Dividends (M)	195.77	241.35	292.03	348.28	410.62	479.58	507.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	224.80	226.93	229.06
Year 2 PV (M)	253.35	258.18	263.05
Year 3 PV (M)	281.44	289.52	297.75
Year 4 PV (M)	309.05	320.94	333.16
Year 5 PV (M)	336.21	352.44	369.30
PV of Terminal Value (M)	10,611.61	11,124.16	11,656.32
Equity Value (M)	12,016.46	12,572.17	13,148.65
Shares Outstanding (M)	261.17	261.17	261.17
Fair Value	$46.01	$48.14	$50.34
Upside / Downside	10.92%	16.05%	21.37%

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Taiba Investments Co. (4090.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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