DDM Analysis: ALPHA.AT

Valuation Snapshot

Stable Growth	$20.39 - $73.74	$64.59
Multi-Stage	$9.21 - $10.08	$9.63
Blended Fair Value	$37.11
Current Price	$2.99
Upside	1,141.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	70.03%	0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	12,100.00%	-67.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	2.42%	0.03%	0.12%	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)	848.64
(-) Cash Dividends Paid (M)	131.43
(=) Cash Retained (M)	717.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.73	106.08	63.65
Cash Retained (M)	717.21	717.21	717.21
(-) Cash Required (M)	-169.73	-106.08	-63.65
(=) Excess Retained (M)	547.48	611.13	653.56
(/) Shares Outstanding (M)	2,288.83	2,288.83	2,288.83
(=) Excess Retained per Share	0.24	0.27	0.29
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.24	0.27	0.29
(=) Adjusted Dividend	0.30	0.32	0.34
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.39	$64.59	$73.74
Upside / Downside	581.86%	2,060.23%	2,366.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	848.64	903.80	962.55	1,025.11	1,091.75	1,162.71	1,197.59
Payout Ratio	15.49%	30.39%	45.29%	60.19%	75.10%	90.00%	92.50%
Projected Dividends (M)	131.43	274.66	435.96	617.06	819.87	1,046.44	1,107.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	254.20	256.61	259.02
Year 2 PV (M)	373.42	380.53	387.71
Year 3 PV (M)	489.17	503.22	517.52
Year 4 PV (M)	601.53	624.66	648.45
Year 5 PV (M)	710.56	744.88	780.51
PV of Terminal Value (M)	18,642.35	19,542.78	20,477.68
Equity Value (M)	21,071.23	22,052.68	23,070.90
Shares Outstanding (M)	2,288.83	2,288.83	2,288.83
Fair Value	$9.21	$9.63	$10.08
Upside / Downside	207.90%	222.24%	237.12%

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Alpha Bank S.A. (ALPHA.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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