DDM Analysis: CLB

Valuation Snapshot

Stable Growth	$2.72 - $3.62	$3.18
Multi-Stage	$7.03 - $7.81	$7.41
Blended Fair Value	$5.30
Current Price	$12.36
Upside	-57.15%
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	-54.63%	-32.03%	0.04	0.04	0.04	0.04	0.26	2.06	2.06	2.05	2.01	1.99
YoY Growth	-	-	0.43%	0.81%	1.04%	-85.26%	-87.24%	0.33%	0.11%	2.10%	0.97%	5.78%
Dividend Yield	-	-	0.26%	0.23%	0.18%	0.12%	0.91%	19.96%	2.98%	1.90%	1.74%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.12
(-) Cash Dividends Paid (M)	1.91
(=) Cash Retained (M)	30.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.42	4.02	2.41
Cash Retained (M)	30.22	30.22	30.22
(-) Cash Required (M)	-6.42	-4.02	-2.41
(=) Excess Retained (M)	23.79	26.20	27.81
(/) Shares Outstanding (M)	47.28	47.28	47.28
(=) Excess Retained per Share	0.50	0.55	0.59
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.50	0.55	0.59
(=) Adjusted Dividend	0.54	0.59	0.63
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-10.55%	-9.55%	-8.55%
Fair Value	$2.72	$3.18	$3.62
Upside / Downside	-78.01%	-74.24%	-70.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.12	29.06	26.28	23.77	21.50	19.45	20.03
Payout Ratio	5.94%	22.75%	39.56%	56.38%	73.19%	90.00%	92.50%
Projected Dividends (M)	1.91	6.61	10.40	13.40	15.74	17.50	18.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-10.55%	-9.55%	-8.55%
Year 1 PV (M)	6.09	6.16	6.23
Year 2 PV (M)	8.83	9.03	9.23
Year 3 PV (M)	10.48	10.84	11.20
Year 4 PV (M)	11.34	11.86	12.39
Year 5 PV (M)	11.62	12.29	12.98
PV of Terminal Value (M)	283.89	300.12	317.08
Equity Value (M)	332.26	350.29	369.11
Shares Outstanding (M)	47.28	47.28	47.28
Fair Value	$7.03	$7.41	$7.81
Upside / Downside	-43.15%	-40.06%	-36.84%

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Core Laboratories N.V. (CLB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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