DDM Analysis: MGDL.TA

Valuation Snapshot

Stable Growth	$12.18 - $18.65	$15.20
Multi-Stage	$18.05 - $19.85	$18.94
Blended Fair Value	$17.07
Current Price	$11.49
Upside	48.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-30.93%	-18.00%	0.05	0.05	0.00	0.04	0.00	0.33	0.06	0.10	0.00	0.19
YoY Growth	-	-	-3.51%	0.00%	-100.00%	0.00%	-100.00%	430.30%	-40.00%	0.00%	-100.00%	-50.00%
Dividend Yield	-	-	0.78%	1.07%	0.00%	0.78%	0.00%	18.04%	1.79%	2.80%	0.00%	7.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,392.04
(-) Cash Dividends Paid (M)	30.00
(=) Cash Retained (M)	1,362.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	278.41	174.01	104.40
Cash Retained (M)	1,362.04	1,362.04	1,362.04
(-) Cash Required (M)	-278.41	-174.01	-104.40
(=) Excess Retained (M)	1,083.64	1,188.04	1,257.64
(/) Shares Outstanding (M)	1,048.72	1,048.72	1,048.72
(=) Excess Retained per Share	1.03	1.13	1.20
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	1.03	1.13	1.20
(=) Adjusted Dividend	1.06	1.16	1.23
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-0.27%	0.73%	1.73%
Fair Value	$12.18	$15.20	$18.65
Upside / Downside	5.97%	32.28%	62.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,392.04	1,402.14	1,412.31	1,422.55	1,432.86	1,443.25	1,486.55
Payout Ratio	2.16%	19.72%	37.29%	54.86%	72.43%	90.00%	92.50%
Projected Dividends (M)	30.00	276.56	526.69	780.44	1,037.84	1,298.93	1,375.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-0.27%	0.73%	1.73%
Year 1 PV (M)	252.54	255.08	257.61
Year 2 PV (M)	439.19	448.04	456.98
Year 3 PV (M)	594.27	612.33	630.75
Year 4 PV (M)	721.64	751.03	781.30
Year 5 PV (M)	824.76	866.95	910.85
PV of Terminal Value (M)	16,102.15	16,925.83	17,782.88
Equity Value (M)	18,934.56	19,859.25	20,820.36
Shares Outstanding (M)	1,048.72	1,048.72	1,048.72
Fair Value	$18.05	$18.94	$19.85
Upside / Downside	57.14%	64.81%	72.79%

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Migdal Insurance and Financial Holdings Ltd. (MGDL.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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