DDM Analysis: ENTER.AT

Valuation Snapshot

Stable Growth	$19.20 - $97.98	$39.40
Multi-Stage	$10.52 - $11.51	$11.00
Blended Fair Value	$25.20
Current Price	$7.91
Upside	218.59%
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	7.67%	7.67%	7.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.20	$39.40	$97.98
Upside / Downside	142.78%	398.09%	1,138.69%

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	7.67%	7.67%	7.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4.96	5.01	5.05
Year 2 PV (M)	6.84	6.97	7.10
Year 3 PV (M)	8.64	8.89	9.14
Year 4 PV (M)	10.36	10.76	11.17
Year 5 PV (M)	12.02	12.60	13.20
PV of Terminal Value (M)	272.69	285.86	299.53
Equity Value (M)	315.50	330.08	345.20
Shares Outstanding (M)	30.00	30.00	30.00
Fair Value	$10.52	$11.00	$11.51
Upside / Downside	32.95%	39.10%	45.47%

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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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