DDM Analysis: EPSIL.AT

Valuation Snapshot

Stable Growth	$12.56 - $27.39	$18.01
Multi-Stage	$9.07 - $9.91	$9.48
Blended Fair Value	$13.75
Current Price	$9.56
Upside	43.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	0.07	0.03	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	111.43%	201.21%	80.62%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.77%	0.54%	0.22%	0.55%	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)	35.15
(-) Cash Dividends Paid (M)	5.91
(=) Cash Retained (M)	29.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.03	4.39	2.64
Cash Retained (M)	29.25	29.25	29.25
(-) Cash Required (M)	-7.03	-4.39	-2.64
(=) Excess Retained (M)	22.22	24.85	26.61
(/) Shares Outstanding (M)	54.28	54.28	54.28
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.56	$18.01	$27.39
Upside / Downside	31.41%	88.39%	186.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.15	37.44	39.87	42.46	45.22	48.16	49.61
Payout Ratio	16.81%	31.44%	46.08%	60.72%	75.36%	90.00%	92.50%
Projected Dividends (M)	5.91	11.77	18.37	25.79	34.08	43.35	45.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.62	10.72	10.82
Year 2 PV (M)	14.94	15.23	15.51
Year 3 PV (M)	18.91	19.45	20.00
Year 4 PV (M)	22.54	23.40	24.30
Year 5 PV (M)	25.85	27.10	28.39
PV of Terminal Value (M)	399.44	418.73	438.76
Equity Value (M)	492.29	514.63	537.79
Shares Outstanding (M)	54.28	54.28	54.28
Fair Value	$9.07	$9.48	$9.91
Upside / Downside	-5.14%	-0.83%	3.63%

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Epsilon Net S.A. (EPSIL.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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