DDM Analysis: C09.SI

Valuation Snapshot

Stable Growth	$10.63 - $15.85	$13.11
Multi-Stage	$27.41 - $30.26	$28.81
Blended Fair Value	$20.96
Current Price	$5.19
Upside	303.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.02%	-7.48%	0.14	0.23	0.24	0.19	0.21	0.30	0.31	0.27	0.26	0.30
YoY Growth	-	-	-38.78%	-7.27%	27.87%	-8.55%	-29.20%	-5.83%	17.01%	2.70%	-12.46%	-1.31%
Dividend Yield	-	-	2.72%	3.43%	2.97%	2.81%	2.62%	2.70%	3.86%	2.17%	3.15%	3.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,199.39
(-) Cash Dividends Paid (M)	204.86
(=) Cash Retained (M)	994.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	239.88	149.92	89.95
Cash Retained (M)	994.53	994.53	994.53
(-) Cash Required (M)	-239.88	-149.92	-89.95
(=) Excess Retained (M)	754.65	844.60	904.57
(/) Shares Outstanding (M)	909.57	909.57	909.57
(=) Excess Retained per Share	0.83	0.93	0.99
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.83	0.93	0.99
(=) Adjusted Dividend	1.05	1.15	1.22
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-3.39%	-2.39%	-1.39%
Fair Value	$10.63	$13.11	$15.85
Upside / Downside	104.81%	152.68%	205.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,199.39	1,170.69	1,142.67	1,115.32	1,088.63	1,062.57	1,094.45
Payout Ratio	17.08%	31.66%	46.25%	60.83%	75.42%	90.00%	92.50%
Projected Dividends (M)	204.86	370.69	528.46	678.47	821.00	956.32	1,012.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-3.39%	-2.39%	-1.39%
Year 1 PV (M)	345.49	349.07	352.64
Year 2 PV (M)	459.06	468.61	478.26
Year 3 PV (M)	549.30	566.54	584.13
Year 4 PV (M)	619.51	645.56	672.43
Year 5 PV (M)	672.56	708.10	745.13
PV of Terminal Value (M)	22,289.28	23,467.02	24,694.02
Equity Value (M)	24,935.21	26,204.90	27,526.62
Shares Outstanding (M)	909.57	909.57	909.57
Fair Value	$27.41	$28.81	$30.26
Upside / Downside	428.21%	455.11%	483.11%

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City Developments Limited (C09.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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