DDM Analysis: MHB.JO

Valuation Snapshot

Stable Growth	$10.54 - $14.92	$12.70
Multi-Stage	$15.20 - $16.72	$15.95
Blended Fair Value	$14.32
Current Price	$4.00
Upside	258.12%
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	0.35	0.00	0.60	0.33	0.40	0.67	0.88	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	81.82%	-17.09%	-40.45%	-24.34%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	7.95%	0.00%	10.00%	6.60%	7.96%	11.14%	14.72%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.95
(-) Cash Dividends Paid (M)	0.03
(=) Cash Retained (M)	88.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.79	11.12	6.67
Cash Retained (M)	88.92	88.92	88.92
(-) Cash Required (M)	-17.79	-11.12	-6.67
(=) Excess Retained (M)	71.13	77.80	82.25
(/) Shares Outstanding (M)	55.15	55.15	55.15
(=) Excess Retained per Share	1.29	1.41	1.49
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	1.29	1.41	1.49
(=) Adjusted Dividend	1.29	1.41	1.49
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.54	$12.70	$14.92
Upside / Downside	163.43%	217.53%	272.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.95	88.06	87.18	86.31	85.44	84.59	87.13
Payout Ratio	0.03%	18.03%	36.02%	54.01%	72.01%	90.00%	92.50%
Projected Dividends (M)	0.03	15.87	31.40	46.62	61.53	76.13	80.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.29	14.43	14.58
Year 2 PV (M)	25.43	25.95	26.48
Year 3 PV (M)	33.97	35.02	36.10
Year 4 PV (M)	40.35	42.02	43.75
Year 5 PV (M)	44.93	47.27	49.71
PV of Terminal Value (M)	679.50	714.88	751.73
Equity Value (M)	838.47	879.59	922.33
Shares Outstanding (M)	55.15	55.15	55.15
Fair Value	$15.20	$15.95	$16.72
Upside / Downside	280.08%	298.72%	318.09%

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Mahube Infrastructure Limited (MHB.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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