DDM Analysis: BLDN.QA

Valuation Snapshot

Stable Growth	$1.82 - $2.76	$2.26
Multi-Stage	$3.59 - $3.96	$3.77
Blended Fair Value	$3.02
Current Price	$1.65
Upside	82.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2018	2017
DPS	0.00%	0.00%	0.07	0.00	0.05	0.05	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	9,077.06%	-98.41%	-4.09%	199.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.67%	0.06%	3.44%	3.27%	0.98%	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)	425.34
(-) Cash Dividends Paid (M)	1.26
(=) Cash Retained (M)	424.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.07	53.17	31.90
Cash Retained (M)	424.09	424.09	424.09
(-) Cash Required (M)	-85.07	-53.17	-31.90
(=) Excess Retained (M)	339.02	370.92	392.19
(/) Shares Outstanding (M)	2,024.65	2,024.65	2,024.65
(=) Excess Retained per Share	0.17	0.18	0.19
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.17	0.18	0.19
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.82	$2.26	$2.76
Upside / Downside	10.33%	37.05%	67.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	425.34	421.09	416.88	412.71	408.58	404.50	416.63
Payout Ratio	0.30%	18.24%	36.18%	54.12%	72.06%	90.00%	92.50%
Projected Dividends (M)	1.26	76.79	150.82	223.35	294.42	364.05	385.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	71.01	71.74	72.46
Year 2 PV (M)	128.96	131.61	134.28
Year 3 PV (M)	176.61	182.08	187.65
Year 4 PV (M)	215.29	224.21	233.41
Year 5 PV (M)	246.16	258.98	272.33
PV of Terminal Value (M)	6,437.64	6,772.87	7,121.91
Equity Value (M)	7,275.68	7,641.48	8,022.04
Shares Outstanding (M)	2,024.65	2,024.65	2,024.65
Fair Value	$3.59	$3.77	$3.96
Upside / Downside	117.79%	128.74%	140.13%

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Baladna Q.P.S.C. (BLDN.QA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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