DDM Analysis: 9580.SR

Valuation Snapshot

Stable Growth	$60.08 - $93.33	$75.46
Multi-Stage	$136.58 - $150.56	$143.43
Blended Fair Value	$109.44
Current Price	$47.86
Upside	128.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	1.00	0.75	1.00	0.00	1.24	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	33.33%	-25.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.22%	2.37%	3.08%	0.00%	3.80%	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)	51.01
(-) Cash Dividends Paid (M)	9.00
(=) Cash Retained (M)	42.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.20	6.38	3.83
Cash Retained (M)	42.01	42.01	42.01
(-) Cash Required (M)	-10.20	-6.38	-3.83
(=) Excess Retained (M)	31.81	35.64	38.19
(/) Shares Outstanding (M)	8.00	8.00	8.00
(=) Excess Retained per Share	3.97	4.45	4.77
LTM Dividend per Share	1.12	1.12	1.12
(+) Excess Retained per Share	3.97	4.45	4.77
(=) Adjusted Dividend	5.10	5.58	5.90
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$60.08	$75.46	$93.33
Upside / Downside	25.54%	57.66%	95.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.01	50.50	50.00	49.50	49.00	48.51	49.97
Payout Ratio	17.64%	32.11%	46.59%	61.06%	75.53%	90.00%	92.50%
Projected Dividends (M)	9.00	16.22	23.29	30.22	37.01	43.66	46.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.10	15.25	15.41
Year 2 PV (M)	20.19	20.61	21.02
Year 3 PV (M)	24.39	25.15	25.92
Year 4 PV (M)	27.81	28.97	30.16
Year 5 PV (M)	30.55	32.14	33.80
PV of Terminal Value (M)	975.02	1,025.80	1,078.66
Equity Value (M)	1,093.08	1,147.91	1,204.97
Shares Outstanding (M)	8.00	8.00	8.00
Fair Value	$136.58	$143.43	$150.56
Upside / Downside	185.36%	199.68%	214.58%

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Al Rashid Industrial Co. (9580.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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