DDM Analysis: VOD.JO

Valuation Snapshot

Stable Growth	$289.35 - $571.80	$400.30
Multi-Stage	$251.81 - $273.94	$262.68
Blended Fair Value	$331.49
Current Price	$133.29
Upside	148.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-4.99%	-0.60%	5.64	6.28	6.67	7.19	7.08	7.29	7.10	6.60	5.92	5.92
YoY Growth	-	-	-10.18%	-5.80%	-7.30%	1.62%	-2.88%	2.72%	7.44%	11.61%	-0.01%	-1.20%
Dividend Yield	-	-	4.50%	6.49%	5.47%	4.50%	5.61%	6.23%	6.22%	4.31%	3.89%	3.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33,613.00
(-) Cash Dividends Paid (M)	29,538.00
(=) Cash Retained (M)	4,075.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,722.60	4,201.63	2,520.98
Cash Retained (M)	4,075.00	4,075.00	4,075.00
(-) Cash Required (M)	-6,722.60	-4,201.63	-2,520.98
(=) Excess Retained (M)	-2,647.60	-126.63	1,554.03
(/) Shares Outstanding (M)	1,970.00	1,970.00	1,970.00
(=) Excess Retained per Share	-1.34	-0.06	0.79
LTM Dividend per Share	14.99	14.99	14.99
(+) Excess Retained per Share	-1.34	-0.06	0.79
(=) Adjusted Dividend	13.65	14.93	15.78
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.01%	6.01%	7.01%
Fair Value	$289.35	$400.30	$571.80
Upside / Downside	117.09%	200.33%	328.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33,613.00	35,632.17	37,772.64	40,041.69	42,447.04	44,996.89	46,346.80
Payout Ratio	87.88%	88.30%	88.73%	89.15%	89.58%	90.00%	92.50%
Projected Dividends (M)	29,538.00	31,463.70	33,514.17	35,697.44	38,022.08	40,497.20	42,870.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.01%	6.01%	7.01%
Year 1 PV (M)	28,343.66	28,613.58	28,883.50
Year 2 PV (M)	27,196.98	27,717.45	28,242.85
Year 3 PV (M)	26,096.09	26,848.76	27,615.77
Year 4 PV (M)	25,039.20	26,006.72	27,002.01
Year 5 PV (M)	24,024.57	25,190.51	26,401.29
PV of Terminal Value (M)	365,373.83	383,105.94	401,519.91
Equity Value (M)	496,074.32	517,482.96	539,665.33
Shares Outstanding (M)	1,970.00	1,970.00	1,970.00
Fair Value	$251.81	$262.68	$273.94
Upside / Downside	88.92%	97.08%	105.52%

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Vodacom Group Limited (VOD.JO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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