DDM Analysis: SPNS

Valuation Snapshot

Stable Growth	$50.28 - $227.78	$115.69
Multi-Stage	$26.79 - $29.26	$28.00
Blended Fair Value	$71.85
Current Price	$29.25
Upside	145.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.65%	0.00%	0.57	0.50	0.69	0.36	0.13	0.20	0.18	0.18	0.17	0.13
YoY Growth	-	-	13.07%	-27.05%	90.47%	187.55%	-36.02%	10.33%	1.29%	0.66%	36.18%	0.00%
Dividend Yield	-	-	2.09%	1.57%	3.16%	1.42%	0.39%	1.03%	1.18%	2.06%	1.35%	1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.34
(-) Cash Dividends Paid (M)	39.25
(=) Cash Retained (M)	25.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.87	8.04	4.83
Cash Retained (M)	25.09	25.09	25.09
(-) Cash Required (M)	-12.87	-8.04	-4.83
(=) Excess Retained (M)	12.22	17.04	20.26
(/) Shares Outstanding (M)	56.17	56.17	56.17
(=) Excess Retained per Share	0.22	0.30	0.36
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.22	0.30	0.36
(=) Adjusted Dividend	0.92	1.00	1.06
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$50.28	$115.69	$227.78
Upside / Downside	71.90%	295.53%	678.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.34	68.52	72.97	77.71	82.76	88.14	90.79
Payout Ratio	61.01%	66.81%	72.60%	78.40%	84.20%	90.00%	92.50%
Projected Dividends (M)	39.25	45.77	52.98	60.93	69.69	79.33	83.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	42.21	42.61	43.01
Year 2 PV (M)	45.05	45.91	46.78
Year 3 PV (M)	47.78	49.15	50.55
Year 4 PV (M)	50.40	52.33	54.33
Year 5 PV (M)	52.90	55.46	58.11
PV of Terminal Value (M)	1,266.31	1,327.48	1,390.98
Equity Value (M)	1,504.66	1,572.94	1,643.76
Shares Outstanding (M)	56.17	56.17	56.17
Fair Value	$26.79	$28.00	$29.26
Upside / Downside	-8.42%	-4.26%	0.05%

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Sapiens International Corporation N.V. (SPNS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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