DDM Analysis: EXO.AS

Valuation Snapshot

Stable Growth	$169.54 - $216.53	$194.77
Multi-Stage	$443.58 - $498.62	$470.44
Blended Fair Value	$332.61
Current Price	$85.60
Upside	288.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-48.04%	3.24%	0.46	3.30	2.77	2.10	0.46	12.07	1.30	1.34	0.38	0.36
YoY Growth	-	-	-86.17%	19.13%	32.09%	355.00%	-96.18%	830.60%	-3.44%	254.88%	5.13%	8.33%
Dividend Yield	-	-	0.52%	3.65%	4.06%	3.18%	0.70%	18.25%	1.96%	2.03%	0.57%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,084.00
(-) Cash Dividends Paid (M)	219.00
(=) Cash Retained (M)	15,865.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,216.80	2,010.50	1,206.30
Cash Retained (M)	15,865.00	15,865.00	15,865.00
(-) Cash Required (M)	-3,216.80	-2,010.50	-1,206.30
(=) Excess Retained (M)	12,648.20	13,854.50	14,658.70
(/) Shares Outstanding (M)	216.67	216.67	216.67
(=) Excess Retained per Share	58.38	63.94	67.66
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	58.38	63.94	67.66
(=) Adjusted Dividend	59.39	64.95	68.67
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-20.57%	-19.57%	-18.57%
Fair Value	$169.54	$194.77	$216.53
Upside / Downside	98.06%	127.54%	152.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,084.00	12,936.20	10,404.45	8,368.19	6,730.45	5,413.23	5,575.63
Payout Ratio	1.36%	19.09%	36.82%	54.54%	72.27%	90.00%	92.50%
Projected Dividends (M)	219.00	2,469.43	3,830.60	4,564.40	4,864.25	4,871.91	5,157.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-20.57%	-19.57%	-18.57%
Year 1 PV (M)	2,273.84	2,302.47	2,331.10
Year 2 PV (M)	3,247.84	3,330.13	3,413.46
Year 3 PV (M)	3,563.49	3,699.78	3,839.50
Year 4 PV (M)	3,496.80	3,676.26	3,862.53
Year 5 PV (M)	3,224.91	3,433.10	3,651.89
PV of Terminal Value (M)	80,302.91	85,486.82	90,935.05
Equity Value (M)	96,109.80	101,928.55	108,033.53
Shares Outstanding (M)	216.67	216.67	216.67
Fair Value	$443.58	$470.44	$498.62
Upside / Downside	418.21%	449.58%	482.50%

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Exor N.V. (EXO.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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