DDM Analysis: FII.PA

Valuation Snapshot

Stable Growth	$16.98 - $24.26	$20.55
Multi-Stage	$37.95 - $41.85	$39.86
Blended Fair Value	$30.20
Current Price	$37.80
Upside	-20.09%
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	-9.53%	-2.25%	0.31	0.17	0.33	0.16	0.00	0.50	0.55	0.51	0.44	0.42
YoY Growth	-	-	77.53%	-48.14%	107.31%	0.00%	-100.00%	-8.15%	6.81%	15.73%	5.97%	9.24%
Dividend Yield	-	-	1.39%	0.73%	1.71%	0.57%	0.00%	1.68%	2.68%	1.29%	1.45%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118.59
(-) Cash Dividends Paid (M)	32.09
(=) Cash Retained (M)	86.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.72	14.82	8.89
Cash Retained (M)	86.50	86.50	86.50
(-) Cash Required (M)	-23.72	-14.82	-8.89
(=) Excess Retained (M)	62.78	71.67	77.60
(/) Shares Outstanding (M)	46.40	46.40	46.40
(=) Excess Retained per Share	1.35	1.54	1.67
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	1.35	1.54	1.67
(=) Adjusted Dividend	2.04	2.24	2.36
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-4.25%	-3.25%	-2.25%
Fair Value	$16.98	$20.55	$24.26
Upside / Downside	-55.07%	-45.63%	-35.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118.59	114.73	111.01	107.40	103.91	100.54	103.55
Payout Ratio	27.06%	39.65%	52.24%	64.82%	77.41%	90.00%	92.50%
Projected Dividends (M)	32.09	45.49	57.99	69.62	80.44	90.48	95.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-4.25%	-3.25%	-2.25%
Year 1 PV (M)	41.97	42.41	42.84
Year 2 PV (M)	49.35	50.39	51.43
Year 3 PV (M)	54.66	56.39	58.16
Year 4 PV (M)	58.26	60.73	63.29
Year 5 PV (M)	60.46	63.68	67.04
PV of Terminal Value (M)	1,496.19	1,575.96	1,659.11
Equity Value (M)	1,760.89	1,849.56	1,941.87
Shares Outstanding (M)	46.40	46.40	46.40
Fair Value	$37.95	$39.86	$41.85
Upside / Downside	0.39%	5.44%	10.70%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Lisi S.A. (FII.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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