DDM Analysis: FNTN.DE

Valuation Snapshot

Stable Growth	$20.34 - $31.12	$25.37
Multi-Stage	$46.34 - $50.91	$48.58
Blended Fair Value	$36.98
Current Price	$27.22
Upside	35.84%
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	-0.08%	1.26%	1.77	1.68	1.57	1.72	0.04	1.78	1.78	1.73	1.67	1.62
YoY Growth	-	-	5.36%	7.02%	-8.41%	3,879.18%	-97.58%	0.00%	3.12%	3.23%	3.33%	3.45%
Dividend Yield	-	-	5.03%	6.47%	6.57%	7.07%	0.21%	11.08%	9.04%	6.99%	5.49%	6.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	269.10
(-) Cash Dividends Paid (M)	234.10
(=) Cash Retained (M)	35.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.82	33.64	20.18
Cash Retained (M)	35.00	35.00	35.00
(-) Cash Required (M)	-53.82	-33.64	-20.18
(=) Excess Retained (M)	-18.82	1.36	14.82
(/) Shares Outstanding (M)	118.61	118.61	118.61
(=) Excess Retained per Share	-0.16	0.01	0.12
LTM Dividend per Share	1.97	1.97	1.97
(+) Excess Retained per Share	-0.16	0.01	0.12
(=) Adjusted Dividend	1.81	1.99	2.10
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.08%	-1.08%	-0.08%
Fair Value	$20.34	$25.37	$31.12
Upside / Downside	-25.29%	-6.78%	14.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	269.10	266.20	263.33	260.49	257.69	254.91	262.56
Payout Ratio	86.99%	87.59%	88.20%	88.80%	89.40%	90.00%	92.50%
Projected Dividends (M)	234.10	233.18	232.25	231.31	230.37	229.42	242.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.08%	-1.08%	-0.08%
Year 1 PV (M)	216.40	218.61	220.82
Year 2 PV (M)	200.04	204.14	208.29
Year 3 PV (M)	184.90	190.62	196.46
Year 4 PV (M)	170.90	177.99	185.30
Year 5 PV (M)	157.95	166.18	174.75
PV of Terminal Value (M)	4,566.52	4,804.50	5,052.30
Equity Value (M)	5,496.71	5,762.05	6,037.93
Shares Outstanding (M)	118.61	118.61	118.61
Fair Value	$46.34	$48.58	$50.91
Upside / Downside	70.25%	78.47%	87.01%

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Financial Statements

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freenet AG (FNTN.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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