DDM Analysis: NEOEN.PA

Valuation Snapshot

Stable Growth	$81.73 - $174.09	$163.14
Multi-Stage	$28.34 - $31.08	$29.68
Blended Fair Value	$96.41
Current Price	$39.72
Upside	142.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.18%	0.00%	0.03	0.02	0.01	0.00	0.06	0.02	0.02	0.01	0.00	0.00
YoY Growth	-	-	87.10%	47.62%	950.00%	-98.17%	165.85%	7.89%	82.78%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.08%	0.05%	0.03%	0.00%	0.11%	0.08%	0.12%	0.07%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	169.20
(-) Cash Dividends Paid (M)	8.90
(=) Cash Retained (M)	160.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.84	21.15	12.69
Cash Retained (M)	160.30	160.30	160.30
(-) Cash Required (M)	-33.84	-21.15	-12.69
(=) Excess Retained (M)	126.46	139.15	147.61
(/) Shares Outstanding (M)	192.72	192.72	192.72
(=) Excess Retained per Share	0.66	0.72	0.77
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.66	0.72	0.77
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	6.09%	6.09%	6.09%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$81.73	$163.14	$174.09
Upside / Downside	105.76%	310.73%	338.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	169.20	179.66	190.77	202.57	215.10	228.40	235.25
Payout Ratio	5.26%	22.21%	39.16%	56.10%	73.05%	90.00%	92.50%
Projected Dividends (M)	8.90	39.90	74.70	113.65	157.13	205.56	217.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.09%	6.09%	6.09%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	37.26	37.61	37.96
Year 2 PV (M)	65.13	66.37	67.63
Year 3 PV (M)	92.52	95.19	97.90
Year 4 PV (M)	119.44	124.05	128.79
Year 5 PV (M)	145.90	152.97	160.31
PV of Terminal Value (M)	5,002.28	5,244.63	5,496.29
Equity Value (M)	5,462.53	5,720.82	5,988.88
Shares Outstanding (M)	192.72	192.72	192.72
Fair Value	$28.34	$29.68	$31.08
Upside / Downside	-28.64%	-25.27%	-21.76%

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Neoen S.A. (NEOEN.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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