DDM Analysis: LBRT

Valuation Snapshot

Stable Growth	$21.39 - $45.91	$30.50
Multi-Stage	$15.77 - $17.21	$16.48
Blended Fair Value	$23.49
Current Price	$12.34
Upside	90.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.73%	0.00%	0.29	0.23	0.06	0.00	0.03	0.09	0.04	0.00	0.00	0.00
YoY Growth	-	-	28.20%	311.22%	5,354.76%	-96.21%	-70.01%	113.93%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.84%	1.09%	0.43%	0.01%	0.24%	3.32%	0.27%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	186.08
(-) Cash Dividends Paid (M)	52.90
(=) Cash Retained (M)	133.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.22	23.26	13.96
Cash Retained (M)	133.17	133.17	133.17
(-) Cash Required (M)	-37.22	-23.26	-13.96
(=) Excess Retained (M)	95.96	109.91	119.22
(/) Shares Outstanding (M)	165.56	165.56	165.56
(=) Excess Retained per Share	0.58	0.66	0.72
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.58	0.66	0.72
(=) Adjusted Dividend	0.90	0.98	1.04
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.39	$30.50	$45.91
Upside / Downside	73.36%	147.14%	272.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	186.08	198.17	211.05	224.77	239.38	254.94	262.59
Payout Ratio	28.43%	40.74%	53.06%	65.37%	77.69%	90.00%	92.50%
Projected Dividends (M)	52.90	80.74	111.98	146.94	185.96	229.44	242.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	72.76	73.45	74.14
Year 2 PV (M)	90.92	92.66	94.40
Year 3 PV (M)	107.51	110.59	113.74
Year 4 PV (M)	122.61	127.32	132.17
Year 5 PV (M)	136.31	142.89	149.73
PV of Terminal Value (M)	2,081.02	2,181.54	2,285.90
Equity Value (M)	2,611.13	2,728.45	2,850.08
Shares Outstanding (M)	165.56	165.56	165.56
Fair Value	$15.77	$16.48	$17.21
Upside / Downside	27.80%	33.55%	39.50%

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Liberty Energy Inc. (LBRT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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