DDM Analysis: 0QDX.IL

Valuation Snapshot

Stable Growth	$801.09 - $1,745.68	$1,635.96
Multi-Stage	$264.02 - $288.95	$276.25
Blended Fair Value	$956.11
Current Price	$196.30
Upside	387.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.36%	21.09%	3.52	3.00	2.53	2.14	1.84	1.51	1.29	1.04	0.81	0.65
YoY Growth	-	-	17.10%	18.82%	18.06%	16.64%	21.25%	16.91%	24.09%	29.10%	23.55%	26.04%
Dividend Yield	-	-	1.67%	1.09%	1.06%	0.75%	0.97%	1.51%	1.44%	2.09%	1.88%	1.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,248.00
(-) Cash Dividends Paid (M)	1,374.00
(=) Cash Retained (M)	1,874.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	649.60	406.00	243.60
Cash Retained (M)	1,874.00	1,874.00	1,874.00
(-) Cash Required (M)	-649.60	-406.00	-243.60
(=) Excess Retained (M)	1,224.40	1,468.00	1,630.40
(/) Shares Outstanding (M)	370.03	370.03	370.03
(=) Excess Retained per Share	3.31	3.97	4.41
LTM Dividend per Share	3.71	3.71	3.71
(+) Excess Retained per Share	3.31	3.97	4.41
(=) Adjusted Dividend	7.02	7.68	8.12
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$801.09	$1,635.96	$1,745.68
Upside / Downside	308.09%	733.40%	789.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,248.00	3,459.12	3,683.96	3,923.42	4,178.44	4,450.04	4,583.54
Payout Ratio	42.30%	51.84%	61.38%	70.92%	80.46%	90.00%	92.50%
Projected Dividends (M)	1,374.00	1,793.29	2,261.28	2,782.54	3,362.00	4,005.04	4,239.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,669.21	1,685.03	1,700.85
Year 2 PV (M)	1,959.18	1,996.50	2,034.17
Year 3 PV (M)	2,243.99	2,308.41	2,374.04
Year 4 PV (M)	2,523.70	2,620.75	2,720.58
Year 5 PV (M)	2,798.38	2,933.54	3,073.88
PV of Terminal Value (M)	86,498.35	90,676.25	95,014.05
Equity Value (M)	97,692.81	102,220.48	106,917.58
Shares Outstanding (M)	370.03	370.03	370.03
Fair Value	$264.02	$276.25	$288.95
Upside / Downside	34.50%	40.73%	47.20%

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AB Sagax (publ) (0QDX.IL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener