DDM Analysis: CMH.JO

Valuation Snapshot

Stable Growth	$122.30 - $213.77	$161.33
Multi-Stage	$115.15 - $125.33	$120.15
Blended Fair Value	$140.74
Current Price	$33.76
Upside	316.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	12.84%	12.04%	3.19	3.83	3.90	2.33	1.01	1.74	1.74	1.60	1.39	1.29
YoY Growth	-	-	-16.58%	-1.78%	67.23%	130.81%	-42.15%	0.00%	9.32%	15.00%	7.81%	25.70%
Dividend Yield	-	-	10.29%	14.17%	13.58%	8.32%	6.51%	9.48%	8.31%	6.11%	6.80%	9.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	677.75
(-) Cash Dividends Paid (M)	477.98
(=) Cash Retained (M)	199.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	135.55	84.72	50.83
Cash Retained (M)	199.77	199.77	199.77
(-) Cash Required (M)	-135.55	-84.72	-50.83
(=) Excess Retained (M)	64.22	115.05	148.94
(/) Shares Outstanding (M)	75.47	75.47	75.47
(=) Excess Retained per Share	0.85	1.52	1.97
LTM Dividend per Share	6.33	6.33	6.33
(+) Excess Retained per Share	0.85	1.52	1.97
(=) Adjusted Dividend	7.18	7.86	8.31
WACC / Discount Rate	10.65%	10.65%	10.65%
Growth Rate	4.51%	5.51%	6.51%
Fair Value	$122.30	$161.33	$213.77
Upside / Downside	262.28%	377.88%	533.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	677.75	715.08	754.46	796.01	839.85	886.11	912.69
Payout Ratio	70.53%	74.42%	78.32%	82.21%	86.11%	90.00%	92.50%
Projected Dividends (M)	477.98	532.16	590.86	654.40	723.16	797.50	844.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.65%	10.65%	10.65%
Growth Rate	4.51%	5.51%	6.51%
Year 1 PV (M)	476.40	480.96	485.52
Year 2 PV (M)	473.52	482.62	491.82
Year 3 PV (M)	469.49	483.10	496.97
Year 4 PV (M)	464.46	482.49	501.04
Year 5 PV (M)	458.53	480.89	504.12
PV of Terminal Value (M)	6,348.46	6,658.06	6,979.62
Equity Value (M)	8,690.86	9,068.12	9,459.08
Shares Outstanding (M)	75.47	75.47	75.47
Fair Value	$115.15	$120.15	$125.33
Upside / Downside	241.09%	255.89%	271.24%

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Combined Motor Holdings Limited (CMH.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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