DDM Analysis: BVI.PA

Valuation Snapshot

Stable Growth	$46.64 - $99.19	$66.28
Multi-Stage	$61.97 - $67.90	$64.88
Blended Fair Value	$65.58
Current Price	$28.94
Upside	126.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.13%	6.54%	0.90	0.87	0.62	0.41	0.07	0.21	0.61	0.65	0.56	0.55
YoY Growth	-	-	2.67%	41.08%	50.94%	485.22%	-67.32%	-64.96%	-5.99%	15.80%	2.16%	15.60%
Dividend Yield	-	-	3.05%	3.81%	2.51%	1.40%	0.32%	0.92%	3.43%	2.85%	3.05%	2.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,162.90
(-) Cash Dividends Paid (M)	797.50
(=) Cash Retained (M)	365.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	232.58	145.36	87.22
Cash Retained (M)	365.40	365.40	365.40
(-) Cash Required (M)	-232.58	-145.36	-87.22
(=) Excess Retained (M)	132.82	220.04	278.18
(/) Shares Outstanding (M)	454.51	454.51	454.51
(=) Excess Retained per Share	0.29	0.48	0.61
LTM Dividend per Share	1.75	1.75	1.75
(+) Excess Retained per Share	0.29	0.48	0.61
(=) Adjusted Dividend	2.05	2.24	2.37
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	2.23%	3.23%	4.23%
Fair Value	$46.64	$66.28	$99.19
Upside / Downside	61.15%	129.03%	242.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,162.90	1,200.52	1,239.35	1,279.44	1,320.83	1,363.56	1,404.46
Payout Ratio	68.58%	72.86%	77.15%	81.43%	85.72%	90.00%	92.50%
Projected Dividends (M)	797.50	874.73	956.12	1,041.87	1,132.16	1,227.20	1,299.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	2.23%	3.23%	4.23%
Year 1 PV (M)	811.70	819.64	827.58
Year 2 PV (M)	823.29	839.48	855.82
Year 3 PV (M)	832.48	857.14	882.29
Year 4 PV (M)	839.43	872.76	907.07
Year 5 PV (M)	844.33	886.44	930.22
PV of Terminal Value (M)	24,015.96	25,213.71	26,458.78
Equity Value (M)	28,167.19	29,489.17	30,861.76
Shares Outstanding (M)	454.51	454.51	454.51
Fair Value	$61.97	$64.88	$67.90
Upside / Downside	114.14%	124.19%	134.63%

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Financial Statements

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Bureau Veritas S.A. (BVI.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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