DDM Analysis: RHB.JO

Valuation Snapshot

Stable Growth	$26.48 - $38.69	$32.38
Multi-Stage	$44.31 - $48.79	$46.51
Blended Fair Value	$39.44
Current Price	$1.99
Upside	1,881.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.00	0.31	0.00	0.21	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	13.78%	0.00%	4.13%	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)	227.17
(-) Cash Dividends Paid (M)	10.03
(=) Cash Retained (M)	217.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.43	28.40	17.04
Cash Retained (M)	217.14	217.14	217.14
(-) Cash Required (M)	-45.43	-28.40	-17.04
(=) Excess Retained (M)	171.71	188.75	200.10
(/) Shares Outstanding (M)	64.69	64.69	64.69
(=) Excess Retained per Share	2.65	2.92	3.09
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	2.65	2.92	3.09
(=) Adjusted Dividend	2.81	3.07	3.25
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.48	$32.38	$38.69
Upside / Downside	1,230.79%	1,526.90%	1,844.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	227.17	224.90	222.65	220.42	218.22	216.04	222.52
Payout Ratio	4.41%	21.53%	38.65%	55.77%	72.88%	90.00%	92.50%
Projected Dividends (M)	10.03	48.42	86.05	122.92	159.04	194.43	205.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.22	44.67	45.12
Year 2 PV (M)	71.76	73.24	74.72
Year 3 PV (M)	93.62	96.51	99.47
Year 4 PV (M)	110.62	115.20	119.93
Year 5 PV (M)	123.50	129.93	136.62
PV of Terminal Value (M)	2,422.91	2,549.08	2,680.45
Equity Value (M)	2,866.63	3,008.63	3,156.31
Shares Outstanding (M)	64.69	64.69	64.69
Fair Value	$44.31	$46.51	$48.79
Upside / Downside	2,126.76%	2,237.07%	2,351.79%

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RH Bophelo Limited (RHB.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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