DDM Analysis: MALT.PA

Valuation Snapshot

Stable Growth	$2,587.61 - $4,979.11	$3,544.39
Multi-Stage	$3,668.80 - $4,032.67	$3,847.26
Blended Fair Value	$3,695.82
Current Price	$895.00
Upside	312.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.44%	-3.95%	3.90	3.93	0.00	0.00	45.41	5.44	5.89	5.04	5.45	4.49
YoY Growth	-	-	-0.77%	0.00%	0.00%	-100.00%	734.99%	-7.63%	16.84%	-7.51%	21.48%	-23.12%
Dividend Yield	-	-	0.44%	0.65%	0.00%	0.00%	5.31%	0.92%	0.98%	0.96%	1.24%	1.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.59
(-) Cash Dividends Paid (M)	3.88
(=) Cash Retained (M)	77.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.32	10.20	6.12
Cash Retained (M)	77.71	77.71	77.71
(-) Cash Required (M)	-16.32	-10.20	-6.12
(=) Excess Retained (M)	61.39	67.51	71.59
(/) Shares Outstanding (M)	0.50	0.50	0.50
(=) Excess Retained per Share	123.75	136.09	144.31
LTM Dividend per Share	7.83	7.83	7.83
(+) Excess Retained per Share	123.75	136.09	144.31
(=) Adjusted Dividend	131.58	143.92	152.14
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	1.56%	2.56%	3.56%
Fair Value	$2,587.61	$3,544.39	$4,979.11
Upside / Downside	189.12%	296.02%	456.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.59	83.68	85.82	88.02	90.27	92.58	95.36
Payout Ratio	4.76%	21.81%	38.86%	55.90%	72.95%	90.00%	92.50%
Projected Dividends (M)	3.88	18.25	33.35	49.21	65.86	83.33	88.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	1.56%	2.56%	3.56%
Year 1 PV (M)	16.93	17.10	17.27
Year 2 PV (M)	28.71	29.28	29.85
Year 3 PV (M)	39.31	40.48	41.68
Year 4 PV (M)	48.81	50.76	52.77
Year 5 PV (M)	57.30	60.18	63.17
PV of Terminal Value (M)	1,628.94	1,710.73	1,795.78
Equity Value (M)	1,820.01	1,908.54	2,000.52
Shares Outstanding (M)	0.50	0.50	0.50
Fair Value	$3,668.80	$3,847.26	$4,032.67
Upside / Downside	309.92%	329.86%	350.58%

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Financial Statements

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Malteries Franco-Belges S.A. (MALT.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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