DDM Analysis: E4C.DE

Valuation Snapshot

Stable Growth	$5.81 - $9.41	$7.43
Multi-Stage	$11.69 - $12.83	$12.24
Blended Fair Value	$9.84
Current Price	$13.10
Upside	-24.92%
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	29.33%	0.00%	0.44	17.73	0.00	0.13	0.00	0.12	0.12	0.22	0.22	0.15
YoY Growth	-	-	-97.50%	0.00%	-100.00%	0.00%	-100.00%	0.00%	-43.49%	-0.04%	43.75%	0.00%
Dividend Yield	-	-	3.42%	120.99%	0.00%	0.43%	0.00%	2.06%	1.48%	2.24%	2.66%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2.01
(-) Cash Dividends Paid (M)	1.65
(=) Cash Retained (M)	0.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.40	0.25	0.15
Cash Retained (M)	0.36	0.36	0.36
(-) Cash Required (M)	-0.40	-0.25	-0.15
(=) Excess Retained (M)	-0.05	0.10	0.21
(/) Shares Outstanding (M)	3.73	3.73	3.73
(=) Excess Retained per Share	-0.01	0.03	0.06
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	-0.01	0.03	0.06
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-0.70%	0.30%	1.30%
Fair Value	$5.81	$7.43	$9.41
Upside / Downside	-55.65%	-43.30%	-28.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.01	2.01	2.02	2.02	2.03	2.04	2.10
Payout Ratio	82.27%	83.82%	85.36%	86.91%	88.45%	90.00%	92.50%
Projected Dividends (M)	1.65	1.69	1.72	1.76	1.80	1.83	1.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-0.70%	0.30%	1.30%
Year 1 PV (M)	1.56	1.58	1.60
Year 2 PV (M)	1.48	1.51	1.54
Year 3 PV (M)	1.41	1.45	1.49
Year 4 PV (M)	1.33	1.39	1.44
Year 5 PV (M)	1.26	1.33	1.39
PV of Terminal Value (M)	36.50	38.37	40.32
Equity Value (M)	43.55	45.63	47.80
Shares Outstanding (M)	3.73	3.73	3.73
Fair Value	$11.69	$12.24	$12.83
Upside / Downside	-10.80%	-6.53%	-2.10%

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Ecotel Communication Ag (E4C.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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