DDM Analysis: HYP.JO

Valuation Snapshot

Stable Growth	$218.91 - $473.22	$312.89
Multi-Stage	$204.68 - $223.72	$214.03
Blended Fair Value	$263.46
Current Price	$42.75
Upside	516.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	2.84	3.05	2.74	2.53	2.43	5.18	4.75	4.40	3.72
YoY Growth	-	-	-100.00%	-6.66%	11.13%	8.52%	3.93%	-53.11%	8.97%	8.14%	18.23%	119.75%
Dividend Yield	-	-	0.00%	8.65%	9.92%	8.13%	9.53%	10.85%	7.29%	4.65%	3.77%	2.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,370.20
(-) Cash Dividends Paid (M)	2,136.09
(=) Cash Retained (M)	2,234.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	874.04	546.27	327.76
Cash Retained (M)	2,234.10	2,234.10	2,234.10
(-) Cash Required (M)	-874.04	-546.27	-327.76
(=) Excess Retained (M)	1,360.06	1,687.83	1,906.34
(/) Shares Outstanding (M)	377.59	377.59	377.59
(=) Excess Retained per Share	3.60	4.47	5.05
LTM Dividend per Share	5.66	5.66	5.66
(+) Excess Retained per Share	3.60	4.47	5.05
(=) Adjusted Dividend	9.26	10.13	10.71
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	3.96%	4.96%	5.96%
Fair Value	$218.91	$312.89	$473.22
Upside / Downside	412.07%	631.91%	1,006.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,370.20	4,586.90	4,814.34	5,053.07	5,303.63	5,566.62	5,733.62
Payout Ratio	48.88%	57.10%	65.33%	73.55%	81.78%	90.00%	92.50%
Projected Dividends (M)	2,136.09	2,619.25	3,145.08	3,716.61	4,337.08	5,009.96	5,303.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	3.96%	4.96%	5.96%
Year 1 PV (M)	2,394.24	2,417.27	2,440.30
Year 2 PV (M)	2,627.92	2,678.72	2,730.01
Year 3 PV (M)	2,838.69	2,921.40	3,005.70
Year 4 PV (M)	3,028.02	3,146.22	3,267.85
Year 5 PV (M)	3,197.32	3,354.08	3,516.94
PV of Terminal Value (M)	63,197.53	66,296.12	69,515.08
Equity Value (M)	77,283.71	80,813.81	84,475.87
Shares Outstanding (M)	377.59	377.59	377.59
Fair Value	$204.68	$214.03	$223.72
Upside / Downside	378.78%	400.65%	423.33%

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Hyprop Investments Limited (HYP.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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