DDM Analysis: MOEX.ME

Valuation Snapshot

Stable Growth	$497.10 - $1,021.48	$697.69
Multi-Stage	$358.89 - $392.38	$375.33
Blended Fair Value	$536.51
Current Price	$106.99
Upside	401.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.12%	21.85%	16.88	4.49	0.00	9.42	7.89	7.66	5.43	10.16	7.05	3.81
YoY Growth	-	-	275.79%	0.00%	-100.00%	19.38%	3.01%	41.04%	-46.57%	44.17%	84.84%	62.96%
Dividend Yield	-	-	15.78%	4.20%	0.00%	9.47%	4.53%	7.88%	5.89%	8.69%	6.32%	3.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62,645.60
(-) Cash Dividends Paid (M)	932.27
(=) Cash Retained (M)	61,713.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,529.12	7,830.70	4,698.42
Cash Retained (M)	61,713.33	61,713.33	61,713.33
(-) Cash Required (M)	-12,529.12	-7,830.70	-4,698.42
(=) Excess Retained (M)	49,184.21	53,882.63	57,014.91
(/) Shares Outstanding (M)	2,268.94	2,268.94	2,268.94
(=) Excess Retained per Share	21.68	23.75	25.13
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	21.68	23.75	25.13
(=) Adjusted Dividend	22.09	24.16	25.54
WACC / Discount Rate	10.19%	10.19%	10.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$497.10	$697.69	$1,021.48
Upside / Downside	364.63%	552.11%	854.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62,645.60	66,717.56	71,054.21	75,672.73	80,591.46	85,829.90	88,404.80
Payout Ratio	1.49%	19.19%	36.89%	54.60%	72.30%	90.00%	92.50%
Projected Dividends (M)	932.27	12,803.46	26,213.96	41,313.73	58,265.72	77,246.91	81,774.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.19%	10.19%	10.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11,510.57	11,619.67	11,728.78
Year 2 PV (M)	21,187.12	21,590.67	21,998.03
Year 3 PV (M)	30,019.49	30,881.24	31,759.33
Year 4 PV (M)	38,062.00	39,525.76	41,031.33
Year 5 PV (M)	45,365.87	47,557.06	49,832.11
PV of Terminal Value (M)	668,150.32	700,422.23	733,929.26
Equity Value (M)	814,295.37	851,596.63	890,278.85
Shares Outstanding (M)	2,268.94	2,268.94	2,268.94
Fair Value	$358.89	$375.33	$392.38
Upside / Downside	235.44%	250.81%	266.74%

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WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
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EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
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LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
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CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
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Public Joint-Stock Company Moscow Exchange MICEX-RTS (MOEX.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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