DDM Analysis: FCMC.PA

Valuation Snapshot

Stable Growth	$4,297.55 - $7,991.03	$5,809.65
Multi-Stage	$5,656.89 - $6,205.79	$5,926.15
Blended Fair Value	$5,867.90
Current Price	$1,490.00
Upside	293.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	89.08	0.00	0.00	0.00	64.87	1.57	1.72	1.58	7.39
YoY Growth	-	-	-100.00%	0.00%	0.00%	0.00%	-100.00%	4,038.19%	-8.96%	8.98%	-78.61%	604.12%
Dividend Yield	-	-	0.00%	5.12%	0.00%	0.00%	0.00%	4.05%	0.11%	0.12%	0.13%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.69
(-) Cash Dividends Paid (M)	13.49
(=) Cash Retained (M)	33.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.34	5.84	3.50
Cash Retained (M)	33.20	33.20	33.20
(-) Cash Required (M)	-9.34	-5.84	-3.50
(=) Excess Retained (M)	23.86	27.36	29.70
(/) Shares Outstanding (M)	0.16	0.16	0.16
(=) Excess Retained per Share	147.25	168.86	183.27
LTM Dividend per Share	83.27	83.27	83.27
(+) Excess Retained per Share	147.25	168.86	183.27
(=) Adjusted Dividend	230.52	252.13	266.54
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	1.88%	2.88%	3.88%
Fair Value	$4,297.55	$5,809.65	$7,991.03
Upside / Downside	188.43%	289.91%	436.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.69	48.03	49.42	50.84	52.31	53.82	55.43
Payout Ratio	28.90%	41.12%	53.34%	65.56%	77.78%	90.00%	92.50%
Projected Dividends (M)	13.49	19.75	26.36	33.33	40.69	48.44	51.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	1.88%	2.88%	3.88%
Year 1 PV (M)	18.22	18.40	18.58
Year 2 PV (M)	22.43	22.87	23.32
Year 3 PV (M)	26.17	26.95	27.74
Year 4 PV (M)	29.47	30.64	31.85
Year 5 PV (M)	32.36	33.98	35.66
PV of Terminal Value (M)	787.93	827.37	868.37
Equity Value (M)	916.58	960.21	1,005.52
Shares Outstanding (M)	0.16	0.16	0.16
Fair Value	$5,656.89	$5,926.15	$6,205.79
Upside / Downside	279.66%	297.73%	316.50%

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Société Fermière du Casino Municipal de Cannes (FCMC.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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