DDM Analysis: NAWI.TA

Valuation Snapshot

Stable Growth	$1,150.94 - $1,406.92	$1,318.49
Multi-Stage	$243.12 - $266.16	$254.43
Blended Fair Value	$786.46
Current Price	$51.65
Upside	1,422.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	14.11%	2.86	1.12	2.55	2.46	0.00	0.00	0.90	0.26	1.59	0.83
YoY Growth	-	-	154.14%	-55.96%	3.81%	0.00%	0.00%	-100.00%	248.93%	-83.67%	91.55%	8.44%
Dividend Yield	-	-	6.03%	4.07%	9.33%	8.01%	0.00%	0.00%	4.62%	1.40%	5.88%	3.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	231.60
(-) Cash Dividends Paid (M)	107.37
(=) Cash Retained (M)	124.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.32	28.95	17.37
Cash Retained (M)	124.22	124.22	124.22
(-) Cash Required (M)	-46.32	-28.95	-17.37
(=) Excess Retained (M)	77.90	95.27	106.85
(/) Shares Outstanding (M)	32.74	32.74	32.74
(=) Excess Retained per Share	2.38	2.91	3.26
LTM Dividend per Share	3.28	3.28	3.28
(+) Excess Retained per Share	2.38	2.91	3.26
(=) Adjusted Dividend	5.66	6.19	6.54
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,150.94	$1,318.49	$1,406.92
Upside / Downside	2,128.34%	2,452.74%	2,623.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	231.60	246.65	262.68	279.76	297.94	317.31	326.83
Payout Ratio	46.36%	55.09%	63.82%	72.54%	81.27%	90.00%	92.50%
Projected Dividends (M)	107.37	135.88	167.64	202.95	242.14	285.58	302.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	126.96	128.17	129.37
Year 2 PV (M)	146.36	149.14	151.96
Year 3 PV (M)	165.56	170.31	175.15
Year 4 PV (M)	184.57	191.67	198.97
Year 5 PV (M)	203.39	213.21	223.41
PV of Terminal Value (M)	7,132.30	7,476.79	7,834.47
Equity Value (M)	7,959.13	8,329.29	8,713.32
Shares Outstanding (M)	32.74	32.74	32.74
Fair Value	$243.12	$254.43	$266.16
Upside / Downside	370.71%	392.60%	415.31%

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Nawi Brothers Group Ltd (NAWI.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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