DDM Analysis: 2200.SR

Valuation Snapshot

Stable Growth	$65.15 - $130.33	$122.14
Multi-Stage	$19.88 - $21.78	$20.81
Blended Fair Value	$71.48
Current Price	$6.25
Upside	1,043.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	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)	114.83
(-) Cash Dividends Paid (M)	22.50
(=) Cash Retained (M)	92.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.97	14.35	8.61
Cash Retained (M)	92.33	92.33	92.33
(-) Cash Required (M)	-22.97	-14.35	-8.61
(=) Excess Retained (M)	69.36	77.98	83.72
(/) Shares Outstanding (M)	175.22	175.22	175.22
(=) Excess Retained per Share	0.40	0.45	0.48
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.40	0.45	0.48
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.15	$122.14	$130.33
Upside / Downside	942.44%	1,854.23%	1,985.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.83	122.30	130.24	138.71	147.73	157.33	162.05
Payout Ratio	19.59%	33.68%	47.76%	61.84%	75.92%	90.00%	92.50%
Projected Dividends (M)	22.50	41.18	62.20	85.77	112.15	141.60	149.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.36	38.72	39.09
Year 2 PV (M)	53.97	55.00	56.03
Year 3 PV (M)	69.32	71.31	73.34
Year 4 PV (M)	84.43	87.67	91.01
Year 5 PV (M)	99.29	104.08	109.06
PV of Terminal Value (M)	3,138.53	3,290.12	3,447.51
Equity Value (M)	3,483.89	3,646.91	3,816.05
Shares Outstanding (M)	175.22	175.22	175.22
Fair Value	$19.88	$20.81	$21.78
Upside / Downside	218.12%	233.01%	248.45%

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Arabian Pipes Company (2200.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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