DDM Analysis: FSECURE.HE

Valuation Snapshot

Stable Growth	$1.00 - $1.49	$1.23
Multi-Stage	$1.90 - $2.09	$1.99
Blended Fair Value	$1.61
Current Price	$1.91
Upside	-15.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.07	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.10%	3.84%	0.00%	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)	21.07
(-) Cash Dividends Paid (M)	9.61
(=) Cash Retained (M)	11.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.21	2.63	1.58
Cash Retained (M)	11.46	11.46	11.46
(-) Cash Required (M)	-4.21	-2.63	-1.58
(=) Excess Retained (M)	7.25	8.83	9.88
(/) Shares Outstanding (M)	170.48	170.48	170.48
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.00	$1.23	$1.49
Upside / Downside	-47.63%	-35.47%	-22.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21.07	20.86	20.65	20.44	20.24	20.04	20.64
Payout Ratio	45.60%	54.48%	63.36%	72.24%	81.12%	90.00%	92.50%
Projected Dividends (M)	9.61	11.36	13.08	14.77	16.42	18.03	19.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.45	10.55	10.66
Year 2 PV (M)	11.06	11.28	11.51
Year 3 PV (M)	11.47	11.83	12.19
Year 4 PV (M)	11.72	12.21	12.71
Year 5 PV (M)	11.84	12.45	13.09
PV of Terminal Value (M)	267.40	281.33	295.82
Equity Value (M)	323.93	339.65	355.98
Shares Outstanding (M)	170.48	170.48	170.48
Fair Value	$1.90	$1.99	$2.09
Upside / Downside	-0.52%	4.31%	9.32%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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F-Secure Oyj (FSECURE.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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