DDM Analysis: IVS.MI

Valuation Snapshot

Stable Growth	$7.76 - $37.13	$16.89
Multi-Stage	$4.58 - $5.01	$4.79
Blended Fair Value	$10.84
Current Price	$7.14
Upside	51.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-0.25%	7.14%	0.12	0.12	0.00	0.00	0.13	0.12	0.10	0.01	0.05	0.05
YoY Growth	-	-	-4.53%	0.00%	0.00%	-100.00%	7.53%	17.28%	1,768.40%	-89.25%	0.52%	-14.73%
Dividend Yield	-	-	1.81%	3.36%	0.00%	0.00%	1.95%	1.10%	0.88%	0.05%	0.60%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.82
(-) Cash Dividends Paid (M)	10.55
(=) Cash Retained (M)	6.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.36	2.10	1.26
Cash Retained (M)	6.27	6.27	6.27
(-) Cash Required (M)	-3.36	-2.10	-1.26
(=) Excess Retained (M)	2.91	4.17	5.01
(/) Shares Outstanding (M)	89.80	89.80	89.80
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.14%	6.14%	7.14%
Fair Value	$7.76	$16.89	$37.13
Upside / Downside	8.69%	136.52%	419.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.82	17.85	18.95	20.11	21.35	22.66	23.34
Payout Ratio	62.72%	68.17%	73.63%	79.09%	84.54%	90.00%	92.50%
Projected Dividends (M)	10.55	12.17	13.95	15.91	18.05	20.40	21.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.14%	6.14%	7.14%
Year 1 PV (M)	11.25	11.36	11.46
Year 2 PV (M)	11.92	12.15	12.38
Year 3 PV (M)	12.56	12.92	13.29
Year 4 PV (M)	13.17	13.68	14.20
Year 5 PV (M)	13.76	14.42	15.12
PV of Terminal Value (M)	348.96	365.87	383.43
Equity Value (M)	411.62	430.40	449.88
Shares Outstanding (M)	89.80	89.80	89.80
Fair Value	$4.58	$4.79	$5.01
Upside / Downside	-35.80%	-32.87%	-29.83%

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IVS Group S.A. (IVS.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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