DDM Analysis: SALFACORP.SN

Valuation Snapshot

Stable Growth	$4,777.76 - $15,686.98	$14,700.38
Multi-Stage	$2,315.85 - $2,536.56	$2,424.17
Blended Fair Value	$8,562.27
Current Price	$745.06
Upside	1,049.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	11.07%	0.00%	23.40	19.45	16.81	7.50	12.68	13.84	0.00	0.00	0.00	0.00
YoY Growth	-	-	20.31%	15.68%	124.10%	-40.84%	-8.39%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.49%	3.63%	5.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,567.14
(-) Cash Dividends Paid (M)	12,911.67
(=) Cash Retained (M)	30,655.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,713.43	5,445.89	3,267.54
Cash Retained (M)	30,655.47	30,655.47	30,655.47
(-) Cash Required (M)	-8,713.43	-5,445.89	-3,267.54
(=) Excess Retained (M)	21,942.04	25,209.58	27,387.93
(/) Shares Outstanding (M)	549.90	549.90	549.90
(=) Excess Retained per Share	39.90	45.84	49.81
LTM Dividend per Share	23.48	23.48	23.48
(+) Excess Retained per Share	39.90	45.84	49.81
(=) Adjusted Dividend	63.38	69.32	73.29
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.03%	6.03%	7.03%
Fair Value	$4,777.76	$14,700.38	$15,686.98
Upside / Downside	541.26%	1,873.05%	2,005.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,567.14	46,192.89	48,976.89	51,928.68	55,058.38	58,376.69	60,127.99
Payout Ratio	29.64%	41.71%	53.78%	65.85%	77.93%	90.00%	92.50%
Projected Dividends (M)	12,911.67	19,266.60	26,340.63	34,197.38	42,905.48	52,539.02	55,618.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.03%	6.03%	7.03%
Year 1 PV (M)	17,933.51	18,104.27	18,275.02
Year 2 PV (M)	22,821.65	23,258.31	23,699.10
Year 3 PV (M)	27,578.72	28,374.00	29,184.43
Year 4 PV (M)	32,207.31	33,451.57	34,731.54
Year 5 PV (M)	36,709.98	38,491.23	40,340.95
PV of Terminal Value (M)	1,136,239.25	1,191,371.95	1,248,624.30
Equity Value (M)	1,273,490.43	1,333,051.33	1,394,855.35
Shares Outstanding (M)	549.90	549.90	549.90
Fair Value	$2,315.85	$2,424.17	$2,536.56
Upside / Downside	210.83%	225.37%	240.45%

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SalfaCorp S.A. (SALFACORP.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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