DDM Analysis: QFH.JO

Valuation Snapshot

Stable Growth	$10.83 - $16.36	$13.44
Multi-Stage	$13.10 - $14.37	$13.72
Blended Fair Value	$13.58
Current Price	$6.52
Upside	108.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-85.92%	0.00%	0.00	0.00	0.08	0.10	0.30	0.80	0.59	0.07	0.12	0.00
YoY Growth	-	-	-83.93%	-99.65%	-17.69%	-67.58%	-63.21%	35.78%	766.37%	-40.60%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.01%	1.63%	1.78%	4.78%	22.03%	14.10%	2.28%	4.41%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	247.05
(-) Cash Dividends Paid (M)	0.02
(=) Cash Retained (M)	247.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.41	30.88	18.53
Cash Retained (M)	247.03	247.03	247.03
(-) Cash Required (M)	-49.41	-30.88	-18.53
(=) Excess Retained (M)	197.62	216.15	228.51
(/) Shares Outstanding (M)	202.20	202.20	202.20
(=) Excess Retained per Share	0.98	1.07	1.13
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.98	1.07	1.13
(=) Adjusted Dividend	0.98	1.07	1.13
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	0.96%	1.96%	2.96%
Fair Value	$10.83	$13.44	$16.36
Upside / Downside	66.09%	106.07%	150.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	247.05	251.90	256.84	261.88	267.02	272.26	280.43
Payout Ratio	0.01%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.02	45.35	92.47	141.42	192.26	245.03	259.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	0.96%	1.96%	2.96%
Year 1 PV (M)	40.80	41.20	41.61
Year 2 PV (M)	74.83	76.32	77.82
Year 3 PV (M)	102.95	106.03	109.19
Year 4 PV (M)	125.89	130.96	136.17
Year 5 PV (M)	144.34	151.63	159.21
PV of Terminal Value (M)	2,159.55	2,268.64	2,382.09
Equity Value (M)	2,648.35	2,774.77	2,906.08
Shares Outstanding (M)	202.20	202.20	202.20
Fair Value	$13.10	$13.72	$14.37
Upside / Downside	100.88%	110.47%	120.43%

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Quantum Foods Holdings Ltd (QFH.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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