DDM Analysis: UNBL.PA

Valuation Snapshot

Stable Growth	$902.59 - $1,546.22	$1,181.06
Multi-Stage	$1,728.68 - $1,901.19	$1,813.26
Blended Fair Value	$1,497.16
Current Price	$980.00
Upside	52.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.84%	-6.41%	9.07	10.50	8.40	11.03	7.49	15.22	17.57	20.91	20.13	16.13
YoY Growth	-	-	-13.64%	25.00%	-23.81%	47.13%	-50.78%	-13.33%	-15.99%	3.85%	24.85%	-8.35%
Dividend Yield	-	-	0.93%	1.05%	0.85%	1.11%	1.27%	2.62%	2.39%	2.35%	2.14%	1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.90
(-) Cash Dividends Paid (M)	51.80
(=) Cash Retained (M)	100.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.38	18.99	11.39
Cash Retained (M)	100.10	100.10	100.10
(-) Cash Required (M)	-30.38	-18.99	-11.39
(=) Excess Retained (M)	69.72	81.11	88.71
(/) Shares Outstanding (M)	2.09	2.09	2.09
(=) Excess Retained per Share	33.28	38.72	42.34
LTM Dividend per Share	24.73	24.73	24.73
(+) Excess Retained per Share	33.28	38.72	42.34
(=) Adjusted Dividend	58.01	63.45	67.07
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.11%	0.89%	1.89%
Fair Value	$902.59	$1,181.06	$1,546.22
Upside / Downside	-7.90%	20.52%	57.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.90	153.25	154.62	155.99	157.38	158.78	163.55
Payout Ratio	34.10%	45.28%	56.46%	67.64%	78.82%	90.00%	92.50%
Projected Dividends (M)	51.80	69.39	87.30	105.51	124.05	142.90	151.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.11%	0.89%	1.89%
Year 1 PV (M)	64.63	65.28	65.92
Year 2 PV (M)	75.72	77.24	78.78
Year 3 PV (M)	85.23	87.82	90.46
Year 4 PV (M)	93.32	97.12	101.03
Year 5 PV (M)	100.13	105.24	110.56
PV of Terminal Value (M)	3,202.41	3,365.95	3,536.10
Equity Value (M)	3,621.44	3,798.64	3,982.85
Shares Outstanding (M)	2.09	2.09	2.09
Fair Value	$1,728.68	$1,813.26	$1,901.19
Upside / Downside	76.40%	85.03%	94.00%

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Unibel S.A. (UNBL.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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