DDM Analysis: MZTF.TA

Valuation Snapshot

Stable Growth	$1,014.23 - $4,218.39	$2,583.41
Multi-Stage	$507.62 - $555.06	$530.90
Blended Fair Value	$1,557.16
Current Price	$217.90
Upside	614.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.46%	0.00%	7.30	5.33	3.67	4.80	0.67	2.17	0.95	1.28	0.71	0.33
YoY Growth	-	-	36.98%	45.40%	-23.58%	610.80%	-68.90%	129.15%	-26.05%	79.57%	116.28%	0.00%
Dividend Yield	-	-	4.38%	3.81%	3.27%	3.83%	0.77%	3.28%	1.27%	1.91%	1.16%	0.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,532.00
(-) Cash Dividends Paid (M)	2,375.00
(=) Cash Retained (M)	3,157.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,106.40	691.50	414.90
Cash Retained (M)	3,157.00	3,157.00	3,157.00
(-) Cash Required (M)	-1,106.40	-691.50	-414.90
(=) Excess Retained (M)	2,050.60	2,465.50	2,742.10
(/) Shares Outstanding (M)	260.80	260.80	260.80
(=) Excess Retained per Share	7.86	9.45	10.51
LTM Dividend per Share	9.11	9.11	9.11
(+) Excess Retained per Share	7.86	9.45	10.51
(=) Adjusted Dividend	16.97	18.56	19.62
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,014.23	$2,583.41	$4,218.39
Upside / Downside	365.45%	1,085.59%	1,835.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,532.00	5,891.58	6,274.53	6,682.38	7,116.73	7,579.32	7,806.70
Payout Ratio	42.93%	52.35%	61.76%	71.17%	80.59%	90.00%	92.50%
Projected Dividends (M)	2,375.00	3,083.98	3,875.10	4,756.04	5,735.12	6,821.39	7,221.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,848.11	2,875.10	2,902.10
Year 2 PV (M)	3,305.00	3,367.95	3,431.50
Year 3 PV (M)	3,746.09	3,853.63	3,963.20
Year 4 PV (M)	4,171.76	4,332.20	4,497.22
Year 5 PV (M)	4,582.41	4,803.75	5,033.55
PV of Terminal Value (M)	113,736.35	119,229.86	124,933.61
Equity Value (M)	132,389.72	138,462.48	144,761.18
Shares Outstanding (M)	260.80	260.80	260.80
Fair Value	$507.62	$530.90	$555.06
Upside / Downside	132.96%	143.65%	154.73%

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Mizrahi Tefahot Bank Ltd. (MZTF.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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