DDM Analysis: LSS.PA

Valuation Snapshot

Stable Growth	$35.53 - $160.94	$81.75
Multi-Stage	$18.77 - $20.51	$19.63
Blended Fair Value	$50.69
Current Price	$23.90
Upside	112.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.00%	7.97%	0.37	0.48	0.36	0.21	0.34	0.34	0.32	0.29	0.24	0.20
YoY Growth	-	-	-22.14%	33.40%	73.76%	-39.12%	0.49%	6.32%	9.52%	18.36%	21.29%	16.66%
Dividend Yield	-	-	1.40%	1.46%	0.98%	0.48%	1.20%	2.33%	1.45%	1.26%	1.17%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.79
(-) Cash Dividends Paid (M)	15.69
(=) Cash Retained (M)	15.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.16	3.85	2.31
Cash Retained (M)	15.10	15.10	15.10
(-) Cash Required (M)	-6.16	-3.85	-2.31
(=) Excess Retained (M)	8.94	11.25	12.79
(/) Shares Outstanding (M)	38.04	38.04	38.04
(=) Excess Retained per Share	0.24	0.30	0.34
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.24	0.30	0.34
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.53	$81.75	$160.94
Upside / Downside	48.65%	242.04%	573.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.79	32.79	34.92	37.19	39.61	42.18	43.45
Payout Ratio	50.95%	58.76%	66.57%	74.38%	82.19%	90.00%	92.50%
Projected Dividends (M)	15.69	19.27	23.25	27.66	32.55	37.96	40.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17.77	17.94	18.10
Year 2 PV (M)	19.77	20.15	20.53
Year 3 PV (M)	21.69	22.31	22.95
Year 4 PV (M)	23.54	24.45	25.38
Year 5 PV (M)	25.32	26.54	27.81
PV of Terminal Value (M)	605.99	635.26	665.65
Equity Value (M)	714.08	746.64	780.42
Shares Outstanding (M)	38.04	38.04	38.04
Fair Value	$18.77	$19.63	$20.51
Upside / Downside	-21.47%	-17.88%	-14.17%

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Lectra S.A. (LSS.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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