DDM Analysis: EXX.JO

Valuation Snapshot

Stable Growth	$4,308.99 - $14,204.33	$13,311.54
Multi-Stage	$1,897.37 - $2,074.36	$1,984.25
Blended Fair Value	$7,647.89
Current Price	$146.92
Upside	5,105.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.24%	10.83%	23.78	22.79	36.95	52.48	16.61	24.06	1.02	9.22	2.59	4.07
YoY Growth	-	-	4.34%	-38.31%	-29.61%	215.95%	-30.97%	2,253.04%	-88.91%	256.32%	-36.48%	-52.12%
Dividend Yield	-	-	15.06%	11.15%	17.00%	34.33%	11.96%	18.35%	0.74%	5.69%	2.89%	9.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,250.00
(-) Cash Dividends Paid (M)	9,862.00
(=) Cash Retained (M)	7,388.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,450.00	2,156.25	1,293.75
Cash Retained (M)	7,388.00	7,388.00	7,388.00
(-) Cash Required (M)	-3,450.00	-2,156.25	-1,293.75
(=) Excess Retained (M)	3,938.00	5,231.75	6,094.25
(/) Shares Outstanding (M)	241.52	241.52	241.52
(=) Excess Retained per Share	16.31	21.66	25.23
LTM Dividend per Share	40.83	40.83	40.83
(+) Excess Retained per Share	16.31	21.66	25.23
(=) Adjusted Dividend	57.14	62.50	66.07
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,308.99	$13,311.54	$14,204.33
Upside / Downside	2,832.88%	8,960.40%	9,568.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,250.00	18,371.25	19,565.38	20,837.13	22,191.54	23,633.99	24,343.01
Payout Ratio	57.17%	63.74%	70.30%	76.87%	83.43%	90.00%	92.50%
Projected Dividends (M)	9,862.00	11,709.25	13,754.97	16,017.17	18,515.34	21,270.60	22,517.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,850.72	10,953.57	11,056.42
Year 2 PV (M)	11,811.86	12,036.85	12,263.95
Year 3 PV (M)	12,746.00	13,111.89	13,484.72
Year 4 PV (M)	13,653.66	14,178.74	14,718.82
Year 5 PV (M)	14,535.38	15,237.44	15,966.38
PV of Terminal Value (M)	394,651.16	413,712.96	433,504.30
Equity Value (M)	458,248.78	479,231.45	500,994.59
Shares Outstanding (M)	241.52	241.52	241.52
Fair Value	$1,897.37	$1,984.25	$2,074.36
Upside / Downside	1,191.43%	1,250.57%	1,311.90%

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Exxaro Resources Limited (EXX.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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