DDM Analysis: NPN.JO

Valuation Snapshot

Stable Growth	$23.86 - $41.23	$31.33
Multi-Stage	$22.80 - $24.96	$23.86
Blended Fair Value	$27.59
Current Price	$71.93
Upside	-61.64%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.62%	5.60%	0.06	0.04	0.04	0.05	0.05	0.05	0.04	0.04	0.04	0.03
YoY Growth	-	-	31.66%	4.19%	-19.75%	9.17%	4.31%	5.03%	7.57%	13.50%	16.43%	-7.89%
Dividend Yield	-	-	0.12%	0.13%	0.12%	0.23%	0.10%	0.16%	0.14%	0.13%	0.16%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,097.00
(-) Cash Dividends Paid (M)	461.00
(=) Cash Retained (M)	7,636.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,619.40	1,012.13	607.28
Cash Retained (M)	7,636.00	7,636.00	7,636.00
(-) Cash Required (M)	-1,619.40	-1,012.13	-607.28
(=) Excess Retained (M)	6,016.60	6,623.88	7,028.73
(/) Shares Outstanding (M)	4,470.18	4,470.18	4,470.18
(=) Excess Retained per Share	1.35	1.48	1.57
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	1.35	1.48	1.57
(=) Adjusted Dividend	1.45	1.58	1.68
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	3.60%	4.60%	5.60%
Fair Value	$23.86	$31.33	$41.23
Upside / Downside	-66.83%	-56.44%	-42.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,097.00	8,469.10	8,858.31	9,265.40	9,691.20	10,136.57	10,440.67
Payout Ratio	5.69%	22.55%	39.42%	56.28%	73.14%	90.00%	92.50%
Projected Dividends (M)	461.00	1,910.19	3,491.60	5,214.33	7,088.02	9,122.91	9,657.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	3.60%	4.60%	5.60%
Year 1 PV (M)	1,721.70	1,738.32	1,754.94
Year 2 PV (M)	2,836.54	2,891.57	2,947.12
Year 3 PV (M)	3,818.08	3,929.72	4,043.51
Year 4 PV (M)	4,677.94	4,861.19	5,049.78
Year 5 PV (M)	5,426.82	5,693.85	5,971.29
PV of Terminal Value (M)	83,418.97	87,523.64	91,788.32
Equity Value (M)	101,900.06	106,638.29	111,554.96
Shares Outstanding (M)	4,470.18	4,470.18	4,470.18
Fair Value	$22.80	$23.86	$24.96
Upside / Downside	-68.31%	-66.84%	-65.31%

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Naspers Limited (NPN.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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