DDM Analysis: BELA.AT

Valuation Snapshot

Stable Growth	$41.72 - $85.00	$58.37
Multi-Stage	$34.88 - $38.00	$36.41
Blended Fair Value	$47.39
Current Price	$25.56
Upside	85.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.60	2.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-45.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.26%	11.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	320.10
(-) Cash Dividends Paid (M)	217.70
(=) Cash Retained (M)	102.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.02	40.01	24.01
Cash Retained (M)	102.40	102.40	102.40
(-) Cash Required (M)	-64.02	-40.01	-24.01
(=) Excess Retained (M)	38.38	62.39	78.39
(/) Shares Outstanding (M)	135.95	135.95	135.95
(=) Excess Retained per Share	0.28	0.46	0.58
LTM Dividend per Share	1.60	1.60	1.60
(+) Excess Retained per Share	0.28	0.46	0.58
(=) Adjusted Dividend	1.88	2.06	2.18
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	5.04%	6.04%	7.04%
Fair Value	$41.72	$58.37	$85.00
Upside / Downside	63.21%	128.36%	232.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	320.10	339.42	359.91	381.63	404.67	429.10	441.97
Payout Ratio	68.01%	72.41%	76.81%	81.20%	85.60%	90.00%	92.50%
Projected Dividends (M)	217.70	245.77	276.43	309.90	346.41	386.19	408.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	5.04%	6.04%	7.04%
Year 1 PV (M)	221.76	223.87	225.98
Year 2 PV (M)	225.07	229.37	233.72
Year 3 PV (M)	227.68	234.24	240.93
Year 4 PV (M)	229.64	238.51	247.64
Year 5 PV (M)	231.01	242.21	253.85
PV of Terminal Value (M)	3,607.30	3,782.32	3,964.07
Equity Value (M)	4,742.45	4,950.53	5,166.19
Shares Outstanding (M)	135.95	135.95	135.95
Fair Value	$34.88	$36.41	$38.00
Upside / Downside	36.48%	42.47%	48.67%

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Jumbo S.A. (BELA.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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