DDM Analysis: TBS.JO

Valuation Snapshot

Stable Growth	$825.65 - $1,763.42	$1,175.05
Multi-Stage	$660.56 - $718.26	$688.90
Blended Fair Value	$931.97
Current Price	$308.73
Upside	201.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	36.80%	8.00%	22.62	10.46	9.97	8.84	10.74	4.72	14.56	11.82	11.69	10.59
YoY Growth	-	-	116.20%	4.94%	12.80%	-17.69%	127.42%	-67.58%	23.19%	1.11%	10.41%	1.10%
Dividend Yield	-	-	7.33%	4.49%	6.50%	5.22%	5.73%	2.47%	6.92%	4.45%	3.10%	2.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,845.50
(-) Cash Dividends Paid (M)	6,268.20
(=) Cash Retained (M)	577.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,369.10	855.69	513.41
Cash Retained (M)	577.30	577.30	577.30
(-) Cash Required (M)	-1,369.10	-855.69	-513.41
(=) Excess Retained (M)	-791.80	-278.39	63.89
(/) Shares Outstanding (M)	156.87	156.87	156.87
(=) Excess Retained per Share	-5.05	-1.77	0.41
LTM Dividend per Share	39.96	39.96	39.96
(+) Excess Retained per Share	-5.05	-1.77	0.41
(=) Adjusted Dividend	34.91	38.18	40.36
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$825.65	$1,175.05	$1,763.42
Upside / Downside	167.44%	280.61%	471.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,845.50	7,290.46	7,764.34	8,269.02	8,806.51	9,378.93	9,660.30
Payout Ratio	91.57%	91.25%	90.94%	90.63%	90.31%	90.00%	92.50%
Projected Dividends (M)	6,268.20	6,652.79	7,060.89	7,493.94	7,953.45	8,441.04	8,935.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,993.35	6,050.16	6,106.96
Year 2 PV (M)	5,730.48	5,839.63	5,949.81
Year 3 PV (M)	5,479.07	5,636.36	5,796.62
Year 4 PV (M)	5,238.63	5,440.10	5,647.32
Year 5 PV (M)	5,008.69	5,250.61	5,501.79
PV of Terminal Value (M)	76,174.92	79,854.20	83,674.29
Equity Value (M)	103,625.14	108,071.04	112,676.79
Shares Outstanding (M)	156.87	156.87	156.87
Fair Value	$660.56	$688.90	$718.26
Upside / Downside	113.96%	123.14%	132.65%

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Tiger Brands Limited (TBS.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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