DDM Analysis: 4009.SR

Valuation Snapshot

Stable Growth	$256.27 - $802.14	$751.72
Multi-Stage	$105.67 - $115.73	$110.61
Blended Fair Value	$431.17
Current Price	$57.20
Upside	653.79%
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	2.00	2.00	2.00	1.80
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	11.11%	80.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.26%	3.48%	2.70%	2.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	371.23
(-) Cash Dividends Paid (M)	46.02
(=) Cash Retained (M)	325.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.25	46.40	27.84
Cash Retained (M)	325.21	325.21	325.21
(-) Cash Required (M)	-74.25	-46.40	-27.84
(=) Excess Retained (M)	250.97	278.81	297.37
(/) Shares Outstanding (M)	92.04	92.04	92.04
(=) Excess Retained per Share	2.73	3.03	3.23
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	2.73	3.03	3.23
(=) Adjusted Dividend	3.23	3.53	3.73
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$256.27	$751.72	$802.14
Upside / Downside	348.02%	1,214.20%	1,302.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	371.23	395.36	421.06	448.43	477.58	508.62	523.88
Payout Ratio	12.40%	27.92%	43.44%	58.96%	74.48%	90.00%	92.50%
Projected Dividends (M)	46.02	110.37	182.90	264.39	355.70	457.76	484.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	102.35	103.32	104.29
Year 2 PV (M)	157.27	160.27	163.29
Year 3 PV (M)	210.81	216.86	223.03
Year 4 PV (M)	262.99	273.11	283.51
Year 5 PV (M)	313.85	329.01	344.75
PV of Terminal Value (M)	8,678.92	9,098.11	9,533.35
Equity Value (M)	9,726.19	10,180.67	10,652.22
Shares Outstanding (M)	92.04	92.04	92.04
Fair Value	$105.67	$110.61	$115.73
Upside / Downside	84.74%	93.38%	102.33%

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Middle East Healthcare Company (4009.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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