DDM Analysis: MATAS.CO

Valuation Snapshot

Stable Growth	$158.56 - $375.82	$233.88
Multi-Stage	$112.66 - $123.04	$117.76
Blended Fair Value	$175.82
Current Price	$130.00
Upside	35.25%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-7.89%	-10.24%	1.99	1.99	2.00	2.00	0.00	2.99	6.19	6.19	6.42	6.06
YoY Growth	-	-	0.00%	-0.78%	0.00%	0.00%	-100.00%	-51.67%	0.00%	-3.54%	5.95%	3.66%
Dividend Yield	-	-	1.49%	1.65%	1.99%	2.70%	0.00%	5.11%	8.61%	11.96%	6.23%	5.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	286.00
(-) Cash Dividends Paid (M)	76.00
(=) Cash Retained (M)	210.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.20	35.75	21.45
Cash Retained (M)	210.00	210.00	210.00
(-) Cash Required (M)	-57.20	-35.75	-21.45
(=) Excess Retained (M)	152.80	174.25	188.55
(/) Shares Outstanding (M)	38.28	38.28	38.28
(=) Excess Retained per Share	3.99	4.55	4.93
LTM Dividend per Share	1.99	1.99	1.99
(+) Excess Retained per Share	3.99	4.55	4.93
(=) Adjusted Dividend	5.98	6.54	6.91
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$158.56	$233.88	$375.82
Upside / Downside	21.97%	79.91%	189.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	286.00	304.59	324.39	345.47	367.93	391.84	403.60
Payout Ratio	26.57%	39.26%	51.94%	64.63%	77.31%	90.00%	92.50%
Projected Dividends (M)	76.00	119.58	168.50	223.28	284.46	352.66	373.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	108.20	109.23	110.25
Year 2 PV (M)	137.96	140.59	143.24
Year 3 PV (M)	165.42	170.17	175.01
Year 4 PV (M)	190.70	198.03	205.58
Year 5 PV (M)	213.92	224.26	234.98
PV of Terminal Value (M)	3,496.49	3,665.37	3,840.71
Equity Value (M)	4,312.69	4,507.64	4,709.78
Shares Outstanding (M)	38.28	38.28	38.28
Fair Value	$112.66	$117.76	$123.04
Upside / Downside	-13.34%	-9.42%	-5.36%

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Matas A/S (MATAS.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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