DDM Analysis: ENTER.AT

Valuation Snapshot

Stable Growth	$12.91 - $40.14	$20.68
Multi-Stage	$8.44 - $9.23	$8.83
Blended Fair Value	$14.75
Current Price	$7.91
Upside	86.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	38.95%	0.00%	0.10	0.09	0.06	0.05	0.03	0.02	0.00	0.00	0.00	0.00
YoY Growth	-	-	11.11%	50.00%	32.34%	68.64%	39.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.54%	2.36%	1.09%	1.74%	2.61%	3.86%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.78
(-) Cash Dividends Paid (M)	3.00
(=) Cash Retained (M)	11.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.96	1.85	1.11
Cash Retained (M)	11.78	11.78	11.78
(-) Cash Required (M)	-2.96	-1.85	-1.11
(=) Excess Retained (M)	8.82	9.93	10.67
(/) Shares Outstanding (M)	30.00	30.00	30.00
(=) Excess Retained per Share	0.29	0.33	0.36
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.29	0.33	0.36
(=) Adjusted Dividend	0.39	0.43	0.46
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.91	$20.68	$40.14
Upside / Downside	63.24%	161.41%	407.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.78	15.74	16.76	17.85	19.01	20.25	20.86
Payout Ratio	20.30%	34.24%	48.18%	62.12%	76.06%	90.00%	92.50%
Projected Dividends (M)	3.00	5.39	8.08	11.09	14.46	18.23	19.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4.91	4.96	5.00
Year 2 PV (M)	6.71	6.83	6.96
Year 3 PV (M)	8.39	8.63	8.88
Year 4 PV (M)	9.97	10.35	10.75
Year 5 PV (M)	11.45	12.00	12.57
PV of Terminal Value (M)	211.81	222.04	232.66
Equity Value (M)	253.23	264.81	276.82
Shares Outstanding (M)	30.00	30.00	30.00
Fair Value	$8.44	$8.83	$9.23
Upside / Downside	6.71%	11.59%	16.65%

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Entersoft S.A. (ENTER.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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