DDM Analysis: FLS

Valuation Snapshot

Stable Growth	$29.48 - $44.25	$36.47
Multi-Stage	$39.77 - $43.60	$41.65
Blended Fair Value	$39.06
Current Price	$53.14
Upside	-26.49%
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	2.10%	2.64%	0.84	0.80	0.79	0.79	0.79	0.75	0.75	0.75	0.74	0.71
YoY Growth	-	-	5.23%	0.39%	-0.05%	0.43%	4.62%	0.14%	0.18%	1.52%	4.37%	10.02%
Dividend Yield	-	-	1.71%	1.73%	2.33%	2.21%	2.03%	3.16%	1.62%	1.74%	1.53%	1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	452.78
(-) Cash Dividends Paid (M)	110.26
(=) Cash Retained (M)	342.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.56	56.60	33.96
Cash Retained (M)	342.52	342.52	342.52
(-) Cash Required (M)	-90.56	-56.60	-33.96
(=) Excess Retained (M)	251.96	285.92	308.56
(/) Shares Outstanding (M)	131.97	131.97	131.97
(=) Excess Retained per Share	1.91	2.17	2.34
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	1.91	2.17	2.34
(=) Adjusted Dividend	2.74	3.00	3.17
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	0.28%	1.28%	2.28%
Fair Value	$29.48	$36.47	$44.25
Upside / Downside	-44.52%	-31.36%	-16.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	452.78	458.59	464.47	470.43	476.46	482.57	497.05
Payout Ratio	24.35%	37.48%	50.61%	63.74%	76.87%	90.00%	92.50%
Projected Dividends (M)	110.26	171.89	235.08	299.86	366.26	434.32	459.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	0.28%	1.28%	2.28%
Year 1 PV (M)	155.26	156.80	158.35
Year 2 PV (M)	191.79	195.63	199.51
Year 3 PV (M)	220.97	227.64	234.45
Year 4 PV (M)	243.78	253.65	263.82
Year 5 PV (M)	261.11	274.39	288.21
PV of Terminal Value (M)	4,175.94	4,388.35	4,609.31
Equity Value (M)	5,248.85	5,496.47	5,753.65
Shares Outstanding (M)	131.97	131.97	131.97
Fair Value	$39.77	$41.65	$43.60
Upside / Downside	-25.15%	-21.62%	-17.95%

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Flowserve Corporation (FLS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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