DDM Analysis: ALCIS.PA

Valuation Snapshot

Stable Growth	$35.50 - $129.67	$59.28
Multi-Stage	$34.10 - $37.40	$35.72
Blended Fair Value	$47.50
Current Price	$9.58
Upside	395.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.50%	1.90%	0.16	0.16	0.16	0.00	0.00	0.12	0.11	0.06	0.12	0.19
YoY Growth	-	-	-1.33%	0.00%	0.00%	0.00%	-100.00%	9.04%	83.61%	-50.05%	-33.31%	38.47%
Dividend Yield	-	-	1.74%	1.85%	1.70%	0.00%	0.00%	0.93%	1.24%	0.36%	0.73%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.86
(-) Cash Dividends Paid (M)	2.63
(=) Cash Retained (M)	7.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.97	1.23	0.74
Cash Retained (M)	7.23	7.23	7.23
(-) Cash Required (M)	-1.97	-1.23	-0.74
(=) Excess Retained (M)	5.26	6.00	6.49
(/) Shares Outstanding (M)	7.79	7.79	7.79
(=) Excess Retained per Share	0.68	0.77	0.83
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.68	0.77	0.83
(=) Adjusted Dividend	1.01	1.11	1.17
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$35.50	$59.28	$129.67
Upside / Downside	270.54%	518.75%	1,253.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.86	10.30	10.76	11.25	11.75	12.28	12.65
Payout Ratio	26.64%	39.31%	51.98%	64.66%	77.33%	90.00%	92.50%
Projected Dividends (M)	2.63	4.05	5.60	7.27	9.09	11.05	11.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	3.77	3.80	3.84
Year 2 PV (M)	4.84	4.94	5.03
Year 3 PV (M)	5.86	6.03	6.20
Year 4 PV (M)	6.81	7.08	7.35
Year 5 PV (M)	7.71	8.09	8.48
PV of Terminal Value (M)	236.56	248.21	260.32
Equity Value (M)	265.55	278.15	291.23
Shares Outstanding (M)	7.79	7.79	7.79
Fair Value	$34.10	$35.72	$37.40
Upside / Downside	255.98%	272.87%	290.41%

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Catering International & Services S.A. (ALCIS.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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