DDM Analysis: FRAS3.SA

Valuation Snapshot

Stable Growth	$223.59 - $263.43	$246.87
Multi-Stage	$171.75 - $188.52	$179.98
Blended Fair Value	$213.42
Current Price	$22.56
Upside	846.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.26%	28.36%	0.61	0.41	0.26	0.27	0.05	0.26	0.17	0.15	0.07	0.05
YoY Growth	-	-	46.32%	58.70%	-3.39%	416.14%	-80.03%	53.06%	12.25%	131.62%	28.50%	2.71%
Dividend Yield	-	-	2.24%	2.33%	2.81%	1.89%	0.43%	6.78%	3.48%	2.78%	1.52%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	356.08
(-) Cash Dividends Paid (M)	72.81
(=) Cash Retained (M)	283.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.22	44.51	26.71
Cash Retained (M)	283.27	283.27	283.27
(-) Cash Required (M)	-71.22	-44.51	-26.71
(=) Excess Retained (M)	212.05	238.76	256.56
(/) Shares Outstanding (M)	268.82	268.82	268.82
(=) Excess Retained per Share	0.79	0.89	0.95
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.79	0.89	0.95
(=) Adjusted Dividend	1.06	1.16	1.23
WACC / Discount Rate	-0.22%	-0.22%	-0.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$223.59	$246.87	$263.43
Upside / Downside	891.10%	994.29%	1,067.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	356.08	379.22	403.87	430.12	458.08	487.85	502.49
Payout Ratio	20.45%	34.36%	48.27%	62.18%	76.09%	90.00%	92.50%
Projected Dividends (M)	72.81	130.29	194.94	267.44	348.55	439.07	464.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.22%	-0.22%	-0.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	129.35	130.58	131.80
Year 2 PV (M)	192.13	195.79	199.49
Year 3 PV (M)	261.69	269.20	276.86
Year 4 PV (M)	338.58	351.61	365.00
Year 5 PV (M)	423.43	443.89	465.12
PV of Terminal Value (M)	44,825.20	46,990.28	49,238.21
Equity Value (M)	46,170.39	48,381.34	50,676.48
Shares Outstanding (M)	268.82	268.82	268.82
Fair Value	$171.75	$179.98	$188.52
Upside / Downside	661.32%	697.77%	735.62%

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Fras-le S.A. (FRAS3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener