DDM Analysis: DRD.JO

Valuation Snapshot

Stable Growth	$134.46 - $218.09	$171.99
Multi-Stage	$113.91 - $123.90	$118.82
Blended Fair Value	$145.40
Current Price	$23.74
Upside	512.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-5.25%	49.75%	1.53	2.60	1.83	1.82	2.28	2.01	0.00	0.15	0.18	0.90
YoY Growth	-	-	-41.10%	41.99%	0.39%	-19.91%	13.53%	0.00%	-100.00%	-16.60%	-79.99%	3,227.63%
Dividend Yield	-	-	6.45%	16.42%	9.19%	18.48%	15.26%	7.44%	0.00%	4.11%	4.33%	10.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,276.75
(-) Cash Dividends Paid (M)	1,335.00
(=) Cash Retained (M)	1,941.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	655.35	409.59	245.76
Cash Retained (M)	1,941.75	1,941.75	1,941.75
(-) Cash Required (M)	-655.35	-409.59	-245.76
(=) Excess Retained (M)	1,286.40	1,532.16	1,695.99
(/) Shares Outstanding (M)	281.38	281.38	281.38
(=) Excess Retained per Share	4.57	5.45	6.03
LTM Dividend per Share	4.74	4.74	4.74
(+) Excess Retained per Share	4.57	5.45	6.03
(=) Adjusted Dividend	9.32	10.19	10.77
WACC / Discount Rate	12.81%	12.81%	12.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$134.46	$171.99	$218.09
Upside / Downside	466.39%	624.47%	818.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,276.75	3,489.74	3,716.57	3,958.15	4,215.43	4,489.43	4,624.11
Payout Ratio	40.74%	50.59%	60.44%	70.30%	80.15%	90.00%	92.50%
Projected Dividends (M)	1,335.00	1,765.57	2,246.48	2,782.45	3,378.60	4,040.49	4,277.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.81%	12.81%	12.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,550.40	1,565.09	1,579.79
Year 2 PV (M)	1,732.27	1,765.27	1,798.58
Year 3 PV (M)	1,884.07	1,938.16	1,993.27
Year 4 PV (M)	2,008.93	2,086.18	2,165.65
Year 5 PV (M)	2,109.69	2,211.59	2,317.39
PV of Terminal Value (M)	22,767.02	23,866.68	25,008.42
Equity Value (M)	32,052.38	33,432.97	34,863.09
Shares Outstanding (M)	281.38	281.38	281.38
Fair Value	$113.91	$118.82	$123.90
Upside / Downside	379.82%	400.49%	421.90%

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DRDGOLD Limited (DRD.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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