DDM Analysis: 2081.SR

Valuation Snapshot

Stable Growth	$69.78 - $108.37	$87.63
Multi-Stage	$158.77 - $175.00	$166.72
Blended Fair Value	$127.18
Current Price	$140.10
Upside	-9.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.00	2.14	1.07	0.57	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	100.00%	87.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	2.25%	1.56%	0.78%	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)	259.26
(-) Cash Dividends Paid (M)	52.50
(=) Cash Retained (M)	206.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.85	32.41	19.44
Cash Retained (M)	206.76	206.76	206.76
(-) Cash Required (M)	-51.85	-32.41	-19.44
(=) Excess Retained (M)	154.91	174.35	187.32
(/) Shares Outstanding (M)	35.00	35.00	35.00
(=) Excess Retained per Share	4.43	4.98	5.35
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	4.43	4.98	5.35
(=) Adjusted Dividend	5.93	6.48	6.85
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$69.78	$87.63	$108.37
Upside / Downside	-50.19%	-37.45%	-22.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	259.26	256.67	254.10	251.56	249.05	246.56	253.95
Payout Ratio	20.25%	34.20%	48.15%	62.10%	76.05%	90.00%	92.50%
Projected Dividends (M)	52.50	87.78	122.35	156.22	189.40	221.90	234.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	81.73	82.56	83.39
Year 2 PV (M)	106.06	108.23	110.43
Year 3 PV (M)	126.07	129.97	133.95
Year 4 PV (M)	142.31	148.21	154.29
Year 5 PV (M)	155.23	163.31	171.73
PV of Terminal Value (M)	4,945.51	5,203.04	5,471.18
Equity Value (M)	5,556.91	5,835.33	6,124.97
Shares Outstanding (M)	35.00	35.00	35.00
Fair Value	$158.77	$166.72	$175.00
Upside / Downside	13.33%	19.00%	24.91%

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Alkhorayef Water & Power Technologies (2081.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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