DDM Analysis: MMHD.TA

Valuation Snapshot

Stable Growth	$1,152.58 - $6,398.85	$2,211.01
Multi-Stage	$667.03 - $729.18	$697.54
Blended Fair Value	$1,454.27
Current Price	$325.00
Upside	347.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.70%	16.49%	7.27	2.76	0.79	1.58	0.00	1.58	0.79	1.58	0.79	0.00
YoY Growth	-	-	162.94%	250.00%	-50.00%	0.00%	-100.00%	100.00%	-50.00%	100.00%	0.00%	-100.00%
Dividend Yield	-	-	3.91%	2.82%	1.08%	2.00%	0.00%	3.94%	1.70%	3.46%	1.95%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,037.60
(-) Cash Dividends Paid (M)	715.15
(=) Cash Retained (M)	1,322.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	407.52	254.70	152.82
Cash Retained (M)	1,322.45	1,322.45	1,322.45
(-) Cash Required (M)	-407.52	-254.70	-152.82
(=) Excess Retained (M)	914.93	1,067.75	1,169.63
(/) Shares Outstanding (M)	63.33	63.33	63.33
(=) Excess Retained per Share	14.45	16.86	18.47
LTM Dividend per Share	11.29	11.29	11.29
(+) Excess Retained per Share	14.45	16.86	18.47
(=) Adjusted Dividend	25.74	28.15	29.76
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,152.58	$2,211.01	$6,398.85
Upside / Downside	254.64%	580.31%	1,868.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,037.60	2,170.05	2,311.10	2,461.32	2,621.31	2,791.69	2,875.44
Payout Ratio	35.10%	46.08%	57.06%	68.04%	79.02%	90.00%	92.50%
Projected Dividends (M)	715.15	999.91	1,318.68	1,674.66	2,071.34	2,512.52	2,659.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	918.38	927.08	935.79
Year 2 PV (M)	1,112.39	1,133.57	1,154.96
Year 3 PV (M)	1,297.48	1,334.73	1,372.68
Year 4 PV (M)	1,473.96	1,530.64	1,588.94
Year 5 PV (M)	1,642.10	1,721.42	1,803.77
PV of Terminal Value (M)	35,797.30	37,526.32	39,321.52
Equity Value (M)	42,241.60	44,173.76	46,177.65
Shares Outstanding (M)	63.33	63.33	63.33
Fair Value	$667.03	$697.54	$729.18
Upside / Downside	105.24%	114.63%	124.36%

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Menora Mivtachim Holdings Ltd (MMHD.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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