DDM Analysis: LIGHT.AS

Valuation Snapshot

Stable Growth	$25.67 - $40.99	$32.62
Multi-Stage	$52.64 - $57.82	$55.18
Blended Fair Value	$43.90
Current Price	$22.30
Upside	96.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.15%	1.00%	1.76	1.67	1.48	2.75	0.14	1.30	1.36	1.26	0.08	4.98
YoY Growth	-	-	5.24%	12.90%	-46.24%	1,935.29%	-89.63%	-4.09%	8.23%	1,480.00%	-98.40%	213.00%
Dividend Yield	-	-	8.81%	5.89%	4.83%	6.48%	0.31%	7.37%	5.55%	4.12%	0.30%	22.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	312.00
(-) Cash Dividends Paid (M)	218.00
(=) Cash Retained (M)	94.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.40	39.00	23.40
Cash Retained (M)	94.00	94.00	94.00
(-) Cash Required (M)	-62.40	-39.00	-23.40
(=) Excess Retained (M)	31.60	55.00	70.60
(/) Shares Outstanding (M)	125.80	125.80	125.80
(=) Excess Retained per Share	0.25	0.44	0.56
LTM Dividend per Share	1.73	1.73	1.73
(+) Excess Retained per Share	0.25	0.44	0.56
(=) Adjusted Dividend	1.98	2.17	2.29
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-1.00%	0.00%	1.00%
Fair Value	$25.67	$32.62	$40.99
Upside / Downside	15.09%	46.27%	83.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	312.00	312.01	312.02	312.03	312.04	312.05	321.42
Payout Ratio	69.87%	73.90%	77.92%	81.95%	85.97%	90.00%	92.50%
Projected Dividends (M)	218.00	230.57	243.14	255.71	268.28	280.85	297.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-1.00%	0.00%	1.00%
Year 1 PV (M)	214.02	216.18	218.34
Year 2 PV (M)	209.48	213.73	218.03
Year 3 PV (M)	204.49	210.75	217.14
Year 4 PV (M)	199.14	207.31	215.73
Year 5 PV (M)	193.51	203.48	213.86
PV of Terminal Value (M)	5,601.76	5,890.44	6,190.90
Equity Value (M)	6,622.40	6,941.90	7,274.00
Shares Outstanding (M)	125.80	125.80	125.80
Fair Value	$52.64	$55.18	$57.82
Upside / Downside	136.06%	147.45%	159.29%

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Signify N.V. (LIGHT.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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