DDM Analysis: ALMOU.PA

Valuation Snapshot

Stable Growth	$11.27 - $17.71	$14.23
Multi-Stage	$25.53 - $28.10	$26.79
Blended Fair Value	$20.51
Current Price	$15.00
Upside	36.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.33	1.00	0.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-67.03%	53.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.33%	3.83%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.48
(-) Cash Dividends Paid (M)	1.57
(=) Cash Retained (M)	1.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.70	0.44	0.26
Cash Retained (M)	1.92	1.92	1.92
(-) Cash Required (M)	-0.70	-0.44	-0.26
(=) Excess Retained (M)	1.22	1.48	1.65
(/) Shares Outstanding (M)	3.03	3.03	3.03
(=) Excess Retained per Share	0.40	0.49	0.55
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.40	0.49	0.55
(=) Adjusted Dividend	0.92	1.01	1.07
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-1.71%	-0.71%	0.29%
Fair Value	$11.27	$14.23	$17.71
Upside / Downside	-24.85%	-5.16%	18.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.48	3.46	3.43	3.41	3.39	3.36	3.46
Payout Ratio	45.03%	54.03%	63.02%	72.01%	81.01%	90.00%	92.50%
Projected Dividends (M)	1.57	1.87	2.16	2.46	2.74	3.03	3.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-1.71%	-0.71%	0.29%
Year 1 PV (M)	1.74	1.76	1.78
Year 2 PV (M)	1.88	1.91	1.95
Year 3 PV (M)	1.98	2.04	2.11
Year 4 PV (M)	2.06	2.15	2.23
Year 5 PV (M)	2.12	2.23	2.34
PV of Terminal Value (M)	67.48	70.98	74.63
Equity Value (M)	77.26	81.07	85.04
Shares Outstanding (M)	3.03	3.03	3.03
Fair Value	$25.53	$26.79	$28.10
Upside / Downside	70.21%	78.61%	87.36%

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Moulinvest S.A. (ALMOU.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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