DDM Analysis: 0IW5.L

Valuation Snapshot

Stable Growth	$181.21 - $380.69	$256.40
Multi-Stage	$216.31 - $236.72	$226.32
Blended Fair Value	$241.36
Current Price	$249.60
Upside	-3.30%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.87%	11.30%	3.43	3.07	2.73	2.02	0.41	2.24	1.85	1.69	1.44	1.13
YoY Growth	-	-	11.79%	12.48%	35.11%	390.01%	-81.62%	21.20%	9.52%	17.55%	26.84%	-3.62%
Dividend Yield	-	-	2.47%	2.29%	2.29%	2.70%	0.55%	2.42%	1.81%	1.85%	1.56%	1.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,075.40
(-) Cash Dividends Paid (M)	1,459.60
(=) Cash Retained (M)	615.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	415.08	259.43	155.66
Cash Retained (M)	615.80	615.80	615.80
(-) Cash Required (M)	-415.08	-259.43	-155.66
(=) Excess Retained (M)	200.72	356.38	460.15
(/) Shares Outstanding (M)	206.53	206.53	206.53
(=) Excess Retained per Share	0.97	1.73	2.23
LTM Dividend per Share	7.07	7.07	7.07
(+) Excess Retained per Share	0.97	1.73	2.23
(=) Adjusted Dividend	8.04	8.79	9.30
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	2.72%	3.72%	4.72%
Fair Value	$181.21	$256.40	$380.69
Upside / Downside	-27.40%	2.72%	52.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,075.40	2,152.61	2,232.70	2,315.76	2,401.92	2,491.28	2,566.02
Payout Ratio	70.33%	74.26%	78.20%	82.13%	86.07%	90.00%	92.50%
Projected Dividends (M)	1,459.60	1,598.59	1,745.91	1,901.97	2,067.23	2,242.15	2,373.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	2.72%	3.72%	4.72%
Year 1 PV (M)	1,475.78	1,490.15	1,504.52
Year 2 PV (M)	1,487.96	1,517.07	1,546.46
Year 3 PV (M)	1,496.43	1,540.56	1,585.55
Year 4 PV (M)	1,501.50	1,560.83	1,621.90
Year 5 PV (M)	1,503.44	1,578.06	1,655.62
PV of Terminal Value (M)	37,208.76	39,055.53	40,974.92
Equity Value (M)	44,673.87	46,742.21	48,888.97
Shares Outstanding (M)	206.53	206.53	206.53
Fair Value	$216.31	$226.32	$236.72
Upside / Downside	-13.34%	-9.33%	-5.16%

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Thales S.A. (0IW5.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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