DDM Analysis: 4013.SR

Valuation Snapshot

Stable Growth	$428.01 - $1,339.47	$1,255.28
Multi-Stage	$184.04 - $201.13	$192.43
Blended Fair Value	$723.85
Current Price	$271.20
Upside	166.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.69%	0.00%	4.69	4.10	3.25	2.70	1.50	2.58	2.25	1.48	0.57	1.80
YoY Growth	-	-	14.39%	26.15%	20.37%	80.00%	-41.88%	14.57%	52.51%	158.70%	-68.28%	0.00%
Dividend Yield	-	-	1.67%	1.34%	1.12%	1.42%	1.21%	4.70%	4.10%	2.69%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,357.34
(-) Cash Dividends Paid (M)	1,652.00
(=) Cash Retained (M)	705.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	471.47	294.67	176.80
Cash Retained (M)	705.34	705.34	705.34
(-) Cash Required (M)	-471.47	-294.67	-176.80
(=) Excess Retained (M)	233.87	410.67	528.54
(/) Shares Outstanding (M)	350.00	350.00	350.00
(=) Excess Retained per Share	0.67	1.17	1.51
LTM Dividend per Share	4.72	4.72	4.72
(+) Excess Retained per Share	0.67	1.17	1.51
(=) Adjusted Dividend	5.39	5.89	6.23
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$428.01	$1,255.28	$1,339.47
Upside / Downside	57.82%	362.86%	393.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,357.34	2,510.57	2,673.76	2,847.55	3,032.64	3,229.76	3,326.66
Payout Ratio	70.08%	74.06%	78.05%	82.03%	86.02%	90.00%	92.50%
Projected Dividends (M)	1,652.00	1,859.41	2,086.80	2,335.89	2,608.55	2,906.79	3,077.16

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)	1,724.22	1,740.56	1,756.90
Year 2 PV (M)	1,794.38	1,828.56	1,863.06
Year 3 PV (M)	1,862.53	1,916.00	1,970.48
Year 4 PV (M)	1,928.72	2,002.89	2,079.18
Year 5 PV (M)	1,992.96	2,089.22	2,189.17
PV of Terminal Value (M)	55,112.34	57,774.29	60,538.12
Equity Value (M)	64,415.15	67,351.52	70,396.91
Shares Outstanding (M)	350.00	350.00	350.00
Fair Value	$184.04	$192.43	$201.13
Upside / Downside	-32.14%	-29.04%	-25.84%

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Dr. Sulaiman Al Habib Medical Services Group Company (4013.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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