DDM Analysis: LTX.WA

Valuation Snapshot

Stable Growth	$3.14 - $4.73	$3.89
Multi-Stage	$6.95 - $7.65	$7.30
Blended Fair Value	$5.59
Current Price	$7.38
Upside	-24.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.37	1.24	0.00	0.76	0.69	0.69	0.61
YoY Growth	-	-	0.00%	0.00%	-100.00%	-70.00%	0.00%	-100.00%	10.00%	0.00%	12.50%	-3.37%
Dividend Yield	-	-	0.00%	0.00%	0.00%	4.68%	11.54%	0.00%	10.74%	9.36%	6.28%	6.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.17
(-) Cash Dividends Paid (M)	4.19
(=) Cash Retained (M)	8.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.63	1.65	0.99
Cash Retained (M)	8.98	8.98	8.98
(-) Cash Required (M)	-2.63	-1.65	-0.99
(=) Excess Retained (M)	6.35	7.33	7.99
(/) Shares Outstanding (M)	35.44	35.44	35.44
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.30	0.33	0.34
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.49%	-1.49%	-0.49%
Fair Value	$3.14	$3.89	$4.73
Upside / Downside	-57.43%	-47.24%	-35.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.17	12.97	12.78	12.59	12.40	12.22	12.58
Payout Ratio	31.81%	43.45%	55.09%	66.72%	78.36%	90.00%	92.50%
Projected Dividends (M)	4.19	5.64	7.04	8.40	9.72	11.00	11.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.49%	-1.49%	-0.49%
Year 1 PV (M)	5.23	5.28	5.33
Year 2 PV (M)	6.05	6.18	6.31
Year 3 PV (M)	6.70	6.91	7.12
Year 4 PV (M)	7.19	7.49	7.80
Year 5 PV (M)	7.54	7.94	8.35
PV of Terminal Value (M)	213.60	224.78	236.42
Equity Value (M)	246.31	258.57	271.32
Shares Outstanding (M)	35.44	35.44	35.44
Fair Value	$6.95	$7.30	$7.65
Upside / Downside	-5.84%	-1.15%	3.72%

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Lentex S.A. (LTX.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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