DDM Analysis: 0N66.L

Valuation Snapshot

Stable Growth	$194.41 - $943.23	$417.33
Multi-Stage	$109.26 - $119.25	$114.16
Blended Fair Value	$265.75
Current Price	$141.00
Upside	88.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.93%	25.06%	1.69	1.42	0.91	0.84	0.64	0.35	0.29	0.29	0.24	0.22
YoY Growth	-	-	19.08%	55.49%	8.98%	30.98%	82.14%	19.66%	0.86%	22.11%	7.95%	22.22%
Dividend Yield	-	-	1.48%	1.38%	1.31%	0.77%	0.81%	0.98%	1.52%	1.57%	1.81%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.44
(-) Cash Dividends Paid (M)	60.68
(=) Cash Retained (M)	14.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.09	9.43	5.66
Cash Retained (M)	14.76	14.76	14.76
(-) Cash Required (M)	-15.09	-9.43	-5.66
(=) Excess Retained (M)	-0.33	5.33	9.10
(/) Shares Outstanding (M)	15.91	15.91	15.91
(=) Excess Retained per Share	-0.02	0.33	0.57
LTM Dividend per Share	3.82	3.82	3.82
(+) Excess Retained per Share	-0.02	0.33	0.57
(=) Adjusted Dividend	3.79	4.15	4.39
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$194.41	$417.33	$943.23
Upside / Downside	37.88%	195.98%	568.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.44	80.34	85.57	91.13	97.05	103.36	106.46
Payout Ratio	80.44%	82.35%	84.26%	86.18%	88.09%	90.00%	92.50%
Projected Dividends (M)	60.68	66.16	72.10	78.53	85.49	93.02	98.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	60.94	61.51	62.09
Year 2 PV (M)	61.16	62.32	63.50
Year 3 PV (M)	61.35	63.11	64.90
Year 4 PV (M)	61.51	63.87	66.31
Year 5 PV (M)	61.64	64.62	67.71
PV of Terminal Value (M)	1,431.30	1,500.44	1,572.21
Equity Value (M)	1,737.89	1,815.87	1,896.72
Shares Outstanding (M)	15.91	15.91	15.91
Fair Value	$109.26	$114.16	$119.25
Upside / Downside	-22.51%	-19.03%	-15.43%

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ATOSS Software AG (0N66.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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