DDM Analysis: NPH.JO

Valuation Snapshot

Stable Growth	$55.40 - $78.68	$66.87
Multi-Stage	$93.51 - $102.11	$97.73
Blended Fair Value	$82.30
Current Price	$191.71
Upside	-57.07%
Decision	Don't 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%	0.84	6.94	0.00	0.15	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-87.87%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.44%	5.77%	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,286.54
(-) Cash Dividends Paid (M)	3,062.67
(=) Cash Retained (M)	223.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	657.31	410.82	246.49
Cash Retained (M)	223.87	223.87	223.87
(-) Cash Required (M)	-657.31	-410.82	-246.49
(=) Excess Retained (M)	-433.44	-186.95	-22.62
(/) Shares Outstanding (M)	393.41	393.41	393.41
(=) Excess Retained per Share	-1.10	-0.48	-0.06
LTM Dividend per Share	7.78	7.78	7.78
(+) Excess Retained per Share	-1.10	-0.48	-0.06
(=) Adjusted Dividend	6.68	7.31	7.73
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$55.40	$66.87	$78.68
Upside / Downside	-71.10%	-65.12%	-58.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,286.54	3,253.67	3,221.13	3,188.92	3,157.03	3,125.46	3,219.23
Payout Ratio	93.19%	92.55%	91.91%	91.28%	90.64%	90.00%	92.50%
Projected Dividends (M)	3,062.67	3,011.29	2,960.64	2,910.70	2,861.46	2,812.92	2,977.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,714.29	2,741.98	2,769.68
Year 2 PV (M)	2,405.42	2,454.76	2,504.60
Year 3 PV (M)	2,131.60	2,197.52	2,264.79
Year 4 PV (M)	1,888.85	1,967.14	2,047.83
Year 5 PV (M)	1,673.67	1,760.82	1,851.57
PV of Terminal Value (M)	25,972.50	27,324.95	28,733.16
Equity Value (M)	36,786.33	38,447.17	40,171.62
Shares Outstanding (M)	393.41	393.41	393.41
Fair Value	$93.51	$97.73	$102.11
Upside / Downside	-51.22%	-49.02%	-46.74%

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Northam Platinum Holdings Limited (NPH.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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