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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ﷼0.43 - ﷼0.49 | ﷼0.47 |
| Adjusted Dividend Yield | 2.5% - 2.9% | 2.7% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.7% - 7.8% | 8.8% |
| Fair Value | ﷼9.96 - ﷼26.04 | ﷼15.12 |
| Upside | -42.3% - 50.9% | -12.4% |
| Calculate Adjusted Dividend | ||||||||
| (SAR in millions) | Latest | Notes | ||||||
| Net Income To Common | 266 | |||||||
| (-) Cash Dividends Paid | (160) | |||||||
| (=) Cash Retained | 106 | 39.9% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 266 | 266 | 266 | |||||
| (=) Cash Required | 53 | 33 | 20 | |||||
| Cash Retained | 106 | 106 | 106 | |||||
| (-) Cash Required | (53) | (33) | (20) | |||||
| (=) Excess Retained | 53 | 73 | 86 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (SAR) | 53 | 73 | 86 | |||||
| (/) Shares Outstanding | 499.8 | 499.8 | 499.8 | |||||
| (=) Excess Retained per Share | 0.11 | 0.15 | 0.17 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.32 | 0.32 | 0.32 | |||||
| (+) Excess Retained per Share | 0.11 | 0.15 | 0.17 | |||||
| Adjusted Dividend | 0.43 | 0.47 | 0.49 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.47 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.8% | 8.3% | 8.8% | 9.3% | 9.8% | |||
| 3.5% | 11.35 | 10.15 | 9.18 | 8.39 | 7.71 | |||
| 4.5% | 14.98 | 12.98 | 11.45 | 10.25 | 9.27 | |||
| 5.5% | 21.84 | 17.87 | 15.12 | 13.11 | 11.56 | |||
| 6.5% | 39.69 | 28.35 | 22.05 | 18.04 | 15.27 | |||
| 7.5% | NM | 66.77 | 40.06 | 28.62 | 22.26 | |||