DDM Analysis: AOMD.DE

Valuation Snapshot

Stable Growth	$3.90 - $13.99	$6.48
Multi-Stage	$2.57 - $2.80	$2.68
Blended Fair Value	$4.58
Current Price	$22.13
Upside	-79.30%
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	-54.52%	9.15%	0.05	0.14	0.10	0.10	0.01	2.78	0.19	0.14	0.02	0.03
YoY Growth	-	-	-60.66%	41.86%	-4.44%	650.00%	-99.51%	1,369.05%	40.00%	445.45%	-8.33%	20.00%
Dividend Yield	-	-	0.27%	1.03%	0.41%	0.50%	0.03%	9.01%	0.56%	0.40%	0.11%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61.00
(-) Cash Dividends Paid (M)	36.00
(=) Cash Retained (M)	25.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.20	7.63	4.58
Cash Retained (M)	25.00	25.00	25.00
(-) Cash Required (M)	-12.20	-7.63	-4.58
(=) Excess Retained (M)	12.80	17.38	20.43
(/) Shares Outstanding (M)	444.00	444.00	444.00
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	8.48%	8.48%	8.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.90	$6.48	$13.99
Upside / Downside	-82.40%	-70.73%	-36.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.00	64.97	69.19	73.68	78.47	83.58	86.08
Payout Ratio	59.02%	65.21%	71.41%	77.61%	83.80%	90.00%	92.50%
Projected Dividends (M)	36.00	42.37	49.41	57.18	65.76	75.22	79.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.48%	8.48%	8.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.69	39.06	39.42
Year 2 PV (M)	41.20	41.99	42.78
Year 3 PV (M)	43.55	44.80	46.07
Year 4 PV (M)	45.74	47.49	49.30
Year 5 PV (M)	47.77	50.08	52.47
PV of Terminal Value (M)	923.41	968.01	1,014.31
Equity Value (M)	1,140.35	1,191.42	1,244.37
Shares Outstanding (M)	444.00	444.00	444.00
Fair Value	$2.57	$2.68	$2.80
Upside / Downside	-88.39%	-87.87%	-87.34%

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Alstom S.A. (AOMD.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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