DDM Analysis: FTI

Valuation Snapshot

Stable Growth	$14.59 - $20.72	$17.61
Multi-Stage	$34.77 - $38.43	$36.56
Blended Fair Value	$27.09
Current Price	$39.45
Upside	-31.34%
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	-18.08%	-10.17%	0.20	0.10	0.00	0.00	0.14	0.54	0.56	0.14	0.26	0.23
YoY Growth	-	-	97.47%	0.00%	0.00%	-100.00%	-74.57%	-2.23%	292.90%	-45.65%	12.97%	-60.69%
Dividend Yield	-	-	0.63%	0.40%	0.00%	0.00%	1.79%	9.86%	2.79%	0.59%	0.98%	1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	972.60
(-) Cash Dividends Paid (M)	83.30
(=) Cash Retained (M)	889.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.52	121.58	72.95
Cash Retained (M)	889.30	889.30	889.30
(-) Cash Required (M)	-194.52	-121.58	-72.95
(=) Excess Retained (M)	694.78	767.73	816.36
(/) Shares Outstanding (M)	427.58	427.58	427.58
(=) Excess Retained per Share	1.62	1.80	1.91
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	1.62	1.80	1.91
(=) Adjusted Dividend	1.82	1.99	2.10
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	-4.90%	-3.90%	-2.90%
Fair Value	$14.59	$17.61	$20.72
Upside / Downside	-63.02%	-55.36%	-47.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	972.60	934.63	898.14	863.08	829.38	797.00	820.91
Payout Ratio	8.56%	24.85%	41.14%	57.43%	73.71%	90.00%	92.50%
Projected Dividends (M)	83.30	232.27	369.48	495.63	611.36	717.30	759.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	-4.90%	-3.90%	-2.90%
Year 1 PV (M)	214.90	217.16	219.42
Year 2 PV (M)	316.29	322.98	329.74
Year 3 PV (M)	392.55	405.07	417.84
Year 4 PV (M)	448.01	467.15	486.90
Year 5 PV (M)	486.33	512.45	539.67
PV of Terminal Value (M)	13,009.92	13,708.50	14,436.78
Equity Value (M)	14,868.01	15,633.31	16,430.35
Shares Outstanding (M)	427.58	427.58	427.58
Fair Value	$34.77	$36.56	$38.43
Upside / Downside	-11.86%	-7.32%	-2.59%

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TechnipFMC plc (FTI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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