DDM Analysis: EXO.AS

Valuation Snapshot

Stable Growth	$127.19 - $159.36	$144.77
Multi-Stage	$133.66 - $148.26	$140.80
Blended Fair Value	$142.78
Current Price	$85.60
Upside	66.80%
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	16.51%	16.51%	16.51%
Growth Rate	-20.57%	-19.57%	-18.57%
Fair Value	$127.19	$144.77	$159.36
Upside / Downside	48.59%	69.13%	86.17%

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	16.51%	16.51%	16.51%
Growth Rate	-20.57%	-19.57%	-18.57%
Year 1 PV (M)	2,093.06	2,119.41	2,145.76
Year 2 PV (M)	2,751.93	2,821.66	2,892.26
Year 3 PV (M)	2,779.32	2,885.62	2,994.60
Year 4 PV (M)	2,510.48	2,639.31	2,773.04
Year 5 PV (M)	2,131.20	2,268.78	2,413.37
PV of Terminal Value (M)	16,693.58	17,771.22	18,903.81
Equity Value (M)	28,959.57	30,506.00	32,122.85
Shares Outstanding (M)	216.67	216.67	216.67
Fair Value	$133.66	$140.80	$148.26
Upside / Downside	56.14%	64.48%	73.20%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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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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