DDM Analysis: STMMI.MI

Valuation Snapshot

Stable Growth	$14.19 - $40.28	$22.14
Multi-Stage	$12.45 - $13.61	$13.02
Blended Fair Value	$17.58
Current Price	$27.98
Upside	-37.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.12%	-2.04%	0.31	0.24	0.23	0.22	0.18	0.23	0.23	0.23	0.27	0.38
YoY Growth	-	-	29.15%	5.19%	3.41%	22.02%	-21.50%	-0.93%	0.93%	-14.74%	-28.29%	-1.13%
Dividend Yield	-	-	1.45%	0.58%	0.43%	0.51%	0.48%	1.06%	1.53%	1.05%	1.79%	6.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	535.98
(-) Cash Dividends Paid (M)	320.77
(=) Cash Retained (M)	215.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.20	67.00	40.20
Cash Retained (M)	215.21	215.21	215.21
(-) Cash Required (M)	-107.20	-67.00	-40.20
(=) Excess Retained (M)	108.01	148.21	175.01
(/) Shares Outstanding (M)	920.53	920.53	920.53
(=) Excess Retained per Share	0.12	0.16	0.19
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.12	0.16	0.19
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	4.12%	5.12%	6.12%
Fair Value	$14.19	$22.14	$40.28
Upside / Downside	-49.30%	-20.87%	43.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	535.98	563.42	592.27	622.59	654.46	687.97	708.61
Payout Ratio	59.85%	65.88%	71.91%	77.94%	83.97%	90.00%	92.50%
Projected Dividends (M)	320.77	371.17	425.89	485.24	549.55	619.17	655.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	4.12%	5.12%	6.12%
Year 1 PV (M)	341.87	345.15	348.43
Year 2 PV (M)	361.30	368.27	375.31
Year 3 PV (M)	379.15	390.18	401.42
Year 4 PV (M)	395.50	410.91	426.77
Year 5 PV (M)	410.42	430.51	451.39
PV of Terminal Value (M)	9,572.89	10,041.51	10,528.31
Equity Value (M)	11,461.12	11,986.53	12,531.63
Shares Outstanding (M)	920.53	920.53	920.53
Fair Value	$12.45	$13.02	$13.61
Upside / Downside	-55.50%	-53.46%	-51.35%

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STMicroelectronics N.V. (STMMI.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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