DDM Analysis: FRAS3.SA

Valuation Snapshot

Stable Growth	$26.79 - $60.59	$38.89
Multi-Stage	$19.18 - $20.95	$20.05
Blended Fair Value	$29.47
Current Price	$22.56
Upside	30.64%
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	18.26%	28.36%	0.61	0.41	0.26	0.27	0.05	0.26	0.17	0.15	0.07	0.05
YoY Growth	-	-	46.32%	58.70%	-3.39%	416.14%	-80.03%	53.06%	12.25%	131.62%	28.50%	2.71%
Dividend Yield	-	-	2.24%	2.33%	2.81%	1.89%	0.43%	6.78%	3.48%	2.78%	1.52%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	356.08
(-) Cash Dividends Paid (M)	72.81
(=) Cash Retained (M)	283.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.22	44.51	26.71
Cash Retained (M)	283.27	283.27	283.27
(-) Cash Required (M)	-71.22	-44.51	-26.71
(=) Excess Retained (M)	212.05	238.76	256.56
(/) Shares Outstanding (M)	268.82	268.82	268.82
(=) Excess Retained per Share	0.79	0.89	0.95
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.79	0.89	0.95
(=) Adjusted Dividend	1.06	1.16	1.23
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.79	$38.89	$60.59
Upside / Downside	18.73%	72.40%	168.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	356.08	379.22	403.87	430.12	458.08	487.85	502.49
Payout Ratio	20.45%	34.36%	48.27%	62.18%	76.09%	90.00%	92.50%
Projected Dividends (M)	72.81	130.29	194.94	267.44	348.55	439.07	464.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	117.68	118.80	119.91
Year 2 PV (M)	159.04	162.07	165.13
Year 3 PV (M)	197.08	202.73	208.50
Year 4 PV (M)	231.99	240.91	250.09
Year 5 PV (M)	263.96	276.71	289.94
PV of Terminal Value (M)	4,186.96	4,389.19	4,599.16
Equity Value (M)	5,156.70	5,390.41	5,632.73
Shares Outstanding (M)	268.82	268.82	268.82
Fair Value	$19.18	$20.05	$20.95
Upside / Downside	-14.97%	-11.12%	-7.12%

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Fras-le S.A. (FRAS3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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