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DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal PE of 25

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal PE of 20

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal PE of 20

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal PE of 20

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal PE of

Key Highlights (H1 2025 vs H1 2024): Revenue grew by 53% to ₦36.76bn from ₦24.03bn. Gross Profit rose by 73% to ₦8.32bn.

The value of STP is to be found in: (a) the strength of its database (b) its current range of clothing (c) its ability to reach out to different gender groups (male, female and kids) (d) ability to sell into different geographical areas. (e) its marketing strategy of going directly to the consumer - repeat order sales opportunities.

Where will the business be in 3, 5, or 10 years? 3-Year Outlook (2025–2027): Alpha Dhabi is likely to consolidate its regional expansion in healthcare, construction, and utilities.

Initial Screen Results: Revenue Growth: Q1 2025: $11.53B (+14% YoY), strong momentum continuing Profitability: Achieved sustainable profitability with $1.78B net income vs -$654M loss year ago Cash Generation: Exceptional FCF of $6.9B in 2024, $2.3B in Q1 2025 Balance Sheet: Cash $7.0B, Debt $9.5B, D/E ratio 42.3% (manageable) Methodology: Future Earnings/P-E Projection (growth stock) 2030 Revenue Projection: $65-70B 2030 EBITDA: $14-15B (22% margin with autonomous vehicle benefits) Fair Value Range: $90-135B market cap Current Market Cap: $192B (significantly overvalued) Target Entry Price: $65-75 per share (vs current ~$95)