DDM Analysis: PAP.AT

Valuation Snapshot

Stable Growth	$11.15 - $45.51	$29.11
Multi-Stage	$5.39 - $5.90	$5.64
Blended Fair Value	$17.38
Current Price	$2.94
Upside	491.03%
Decision	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%	0.08	0.02	0.05	0.07	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	286.84%	-62.49%	-23.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.02%	0.82%	2.27%	2.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6.16
(-) Cash Dividends Paid (M)	0.82
(=) Cash Retained (M)	5.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.23	0.77	0.46
Cash Retained (M)	5.33	5.33	5.33
(-) Cash Required (M)	-1.23	-0.77	-0.46
(=) Excess Retained (M)	4.10	4.56	4.87
(/) Shares Outstanding (M)	26.91	26.91	26.91
(=) Excess Retained per Share	0.15	0.17	0.18
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.15	0.17	0.18
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.15	$29.11	$45.51
Upside / Downside	279.17%	890.22%	1,447.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6.16	6.56	6.98	7.44	7.92	8.44	8.69
Payout Ratio	13.39%	28.71%	44.03%	59.35%	74.68%	90.00%	92.50%
Projected Dividends (M)	0.82	1.88	3.08	4.41	5.92	7.59	8.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1.74	1.76	1.77
Year 2 PV (M)	2.62	2.67	2.72
Year 3 PV (M)	3.48	3.58	3.68
Year 4 PV (M)	4.31	4.47	4.64
Year 5 PV (M)	5.11	5.36	5.61
PV of Terminal Value (M)	127.77	133.94	140.35
Equity Value (M)	145.03	151.78	158.78
Shares Outstanding (M)	26.91	26.91	26.91
Fair Value	$5.39	$5.64	$5.90
Upside / Downside	83.31%	91.85%	100.70%

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Papoutsanis S.A. (PAP.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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