DDM Analysis: CKS.JO

Valuation Snapshot

Stable Growth	$74.65 - $127.55	$97.57
Multi-Stage	$89.34 - $97.39	$93.29
Blended Fair Value	$95.43
Current Price	$28.00
Upside	240.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	24.45%	2.77%	2.02	0.00	0.00	0.64	0.13	0.68	0.80	1.51	1.66	1.12
YoY Growth	-	-	0.00%	0.00%	-100.00%	374.12%	-80.05%	-15.65%	-47.04%	-9.09%	48.63%	-27.06%
Dividend Yield	-	-	7.07%	0.00%	0.00%	1.58%	0.31%	1.57%	1.80%	2.75%	2.56%	2.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.70
(-) Cash Dividends Paid (M)	84.03
(=) Cash Retained (M)	4.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.74	11.09	6.65
Cash Retained (M)	4.67	4.67	4.67
(-) Cash Required (M)	-17.74	-11.09	-6.65
(=) Excess Retained (M)	-13.07	-6.42	-1.98
(/) Shares Outstanding (M)	15.14	15.14	15.14
(=) Excess Retained per Share	-0.86	-0.42	-0.13
LTM Dividend per Share	5.55	5.55	5.55
(+) Excess Retained per Share	-0.86	-0.42	-0.13
(=) Adjusted Dividend	4.69	5.13	5.42
WACC / Discount Rate	9.16%	9.16%	9.16%
Growth Rate	2.71%	3.71%	4.71%
Fair Value	$74.65	$97.57	$127.55
Upside / Downside	166.60%	248.47%	355.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.70	91.99	95.41	98.95	102.62	106.43	109.62
Payout Ratio	94.73%	93.79%	92.84%	91.89%	90.95%	90.00%	92.50%
Projected Dividends (M)	84.03	86.27	88.57	90.93	93.33	95.79	101.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.16%	9.16%	9.16%
Growth Rate	2.71%	3.71%	4.71%
Year 1 PV (M)	78.27	79.03	79.80
Year 2 PV (M)	72.90	74.33	75.77
Year 3 PV (M)	67.90	69.90	71.94
Year 4 PV (M)	63.23	65.73	68.30
Year 5 PV (M)	58.87	61.80	64.83
PV of Terminal Value (M)	1,011.50	1,061.71	1,113.89
Equity Value (M)	1,352.68	1,412.49	1,474.53
Shares Outstanding (M)	15.14	15.14	15.14
Fair Value	$89.34	$93.29	$97.39
Upside / Downside	219.07%	233.18%	247.82%

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Crookes Brothers Limited (CKS.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener