DDM Analysis: FP.L

Valuation Snapshot

Stable Growth	$0.18 - $0.24	$0.21
Multi-Stage	$0.33 - $0.36	$0.34
Blended Fair Value	$0.28
Current Price	$18.95
Upside	-98.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-73.05%	-17.69%	0.00	0.01	0.00	0.23	0.12	0.18	0.14	0.00	0.00	0.00
YoY Growth	-	-	-95.36%	838.50%	-99.75%	96.80%	-34.09%	27.67%	1,241,850.40%	-20.03%	-98.58%	-44.13%
Dividend Yield	-	-	0.00%	0.02%	0.00%	0.22%	0.14%	0.34%	0.31%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	179.28
(-) Cash Dividends Paid (M)	0.85
(=) Cash Retained (M)	178.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.86	22.41	13.45
Cash Retained (M)	178.43	178.43	178.43
(-) Cash Required (M)	-35.86	-22.41	-13.45
(=) Excess Retained (M)	142.57	156.02	164.98
(/) Shares Outstanding (M)	3,330.44	3,330.44	3,330.44
(=) Excess Retained per Share	0.04	0.05	0.05
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.04	0.05	0.05
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-10.85%	-9.85%	-8.85%
Fair Value	$0.18	$0.21	$0.24
Upside / Downside	-99.03%	-98.87%	-98.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	179.28	161.62	145.71	131.36	118.42	106.76	109.97
Payout Ratio	0.48%	18.38%	36.29%	54.19%	72.10%	90.00%	92.50%
Projected Dividends (M)	0.85	29.71	52.87	71.18	85.38	96.09	101.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-10.85%	-9.85%	-8.85%
Year 1 PV (M)	26.71	27.01	27.31
Year 2 PV (M)	42.73	43.69	44.67
Year 3 PV (M)	51.72	53.48	55.28
Year 4 PV (M)	55.77	58.31	60.94
Year 5 PV (M)	56.43	59.66	63.04
PV of Terminal Value (M)	853.32	902.27	953.43
Equity Value (M)	1,086.68	1,144.43	1,204.68
Shares Outstanding (M)	3,330.44	3,330.44	3,330.44
Fair Value	$0.33	$0.34	$0.36
Upside / Downside	-98.28%	-98.19%	-98.09%

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Fondul Proprietatea S.A. (FP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener