DDM Analysis: OCE.JO

Valuation Snapshot

Stable Growth	$431.65 - $1,284.92	$682.95
Multi-Stage	$421.53 - $461.09	$440.95
Blended Fair Value	$561.95
Current Price	$57.99
Upside	869.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.04%	5.28%	5.07	4.29	3.37	4.34	3.47	4.37	1.15	4.57	3.79	3.54
YoY Growth	-	-	18.38%	27.03%	-22.17%	24.88%	-20.51%	281.45%	-74.95%	20.57%	7.00%	16.81%
Dividend Yield	-	-	7.36%	5.68%	6.34%	6.52%	5.60%	6.29%	1.38%	5.55%	3.33%	3.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,078.71
(-) Cash Dividends Paid (M)	1,589.43
(=) Cash Retained (M)	489.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	415.74	259.84	155.90
Cash Retained (M)	489.28	489.28	489.28
(-) Cash Required (M)	-415.74	-259.84	-155.90
(=) Excess Retained (M)	73.54	229.44	333.38
(/) Shares Outstanding (M)	120.60	120.60	120.60
(=) Excess Retained per Share	0.61	1.90	2.76
LTM Dividend per Share	13.18	13.18	13.18
(+) Excess Retained per Share	0.61	1.90	2.76
(=) Adjusted Dividend	13.79	15.08	15.94
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$431.65	$682.95	$1,284.92
Upside / Downside	644.36%	1,077.71%	2,115.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,078.71	2,175.14	2,276.05	2,381.65	2,492.14	2,607.75	2,685.99
Payout Ratio	76.46%	79.17%	81.88%	84.58%	87.29%	90.00%	92.50%
Projected Dividends (M)	1,589.43	1,722.06	1,863.57	2,014.51	2,175.45	2,346.98	2,484.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	1,594.76	1,610.15	1,625.54
Year 2 PV (M)	1,598.25	1,629.24	1,660.53
Year 3 PV (M)	1,599.99	1,646.75	1,694.41
Year 4 PV (M)	1,600.08	1,662.74	1,727.22
Year 5 PV (M)	1,598.64	1,677.27	1,758.96
PV of Terminal Value (M)	42,843.21	44,950.42	47,139.74
Equity Value (M)	50,834.93	53,176.57	55,606.40
Shares Outstanding (M)	120.60	120.60	120.60
Fair Value	$421.53	$440.95	$461.09
Upside / Downside	626.90%	660.38%	695.13%

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Oceana Group Limited (OCE.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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