DDM Analysis: GULF-R.BK

Valuation Snapshot

Stable Growth	$536.75 - $1,256.53	$1,177.55
Multi-Stage	$182.76 - $200.19	$191.32
Blended Fair Value	$684.43
Current Price	$38.75
Upside	1,666.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.17%	0.00%	0.82	0.56	0.41	0.36	0.22	0.20	0.07	0.00	0.00	0.00
YoY Growth	-	-	46.67%	36.36%	15.79%	60.77%	8.34%	199.99%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.66%	1.28%	0.78%	0.69%	0.66%	0.69%	0.35%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79,196.74
(-) Cash Dividends Paid (M)	11,849.79
(=) Cash Retained (M)	67,346.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,839.35	9,899.59	5,939.76
Cash Retained (M)	67,346.95	67,346.95	67,346.95
(-) Cash Required (M)	-15,839.35	-9,899.59	-5,939.76
(=) Excess Retained (M)	51,507.60	57,447.35	61,407.19
(/) Shares Outstanding (M)	12,534.75	12,534.75	12,534.75
(=) Excess Retained per Share	4.11	4.58	4.90
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	4.11	4.58	4.90
(=) Adjusted Dividend	5.05	5.53	5.84
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$536.75	$1,177.55	$1,256.53
Upside / Downside	1,285.17%	2,938.84%	3,142.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79,196.74	84,344.52	89,826.92	95,665.67	101,883.94	108,506.39	111,761.58
Payout Ratio	14.96%	29.97%	44.98%	59.98%	74.99%	90.00%	92.50%
Projected Dividends (M)	11,849.79	25,278.04	40,401.89	57,385.04	76,405.31	97,655.75	103,379.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23,513.82	23,736.70	23,959.58
Year 2 PV (M)	34,959.19	35,625.06	36,297.22
Year 3 PV (M)	46,188.96	47,514.88	48,865.93
Year 4 PV (M)	57,206.16	59,406.15	61,668.99
Year 5 PV (M)	68,013.79	71,298.88	74,709.70
PV of Terminal Value (M)	2,060,985.45	2,160,531.82	2,263,888.06
Equity Value (M)	2,290,867.36	2,398,113.48	2,509,389.47
Shares Outstanding (M)	12,534.75	12,534.75	12,534.75
Fair Value	$182.76	$191.32	$200.19
Upside / Downside	371.64%	393.72%	416.63%

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Gulf Energy Development Public Company Limited (GULF-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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