DDM Analysis: 2287.SR

Valuation Snapshot

Stable Growth	$10.58 - $16.44	$13.29
Multi-Stage	$24.60 - $27.09	$25.82
Blended Fair Value	$19.56
Current Price	$40.10
Upside	-51.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
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)	33.65
(-) Cash Dividends Paid (M)	15.00
(=) Cash Retained (M)	18.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.73	4.21	2.52
Cash Retained (M)	18.65	18.65	18.65
(-) Cash Required (M)	-6.73	-4.21	-2.52
(=) Excess Retained (M)	11.92	14.44	16.13
(/) Shares Outstanding (M)	30.00	30.00	30.00
(=) Excess Retained per Share	0.40	0.48	0.54
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.40	0.48	0.54
(=) Adjusted Dividend	0.90	0.98	1.04
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.58	$13.29	$16.44
Upside / Downside	-73.61%	-66.85%	-58.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.65	33.31	32.98	32.65	32.32	32.00	32.96
Payout Ratio	44.58%	53.66%	62.75%	71.83%	80.92%	90.00%	92.50%
Projected Dividends (M)	15.00	17.88	20.69	23.45	26.15	28.80	30.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	16.65	16.82	16.99
Year 2 PV (M)	17.94	18.31	18.68
Year 3 PV (M)	18.93	19.52	20.12
Year 4 PV (M)	19.66	20.48	21.32
Year 5 PV (M)	20.16	21.21	22.30
PV of Terminal Value (M)	644.79	678.36	713.32
Equity Value (M)	738.13	774.69	812.73
Shares Outstanding (M)	30.00	30.00	30.00
Fair Value	$24.60	$25.82	$27.09
Upside / Downside	-38.64%	-35.60%	-32.44%

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Arabian Company for Agricultural and Industrial Investment (2287.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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