DDM Analysis: CSGS

Valuation Snapshot

Stable Growth	$32.05 - $51.75	$40.92
Multi-Stage	$46.94 - $51.50	$49.18
Blended Fair Value	$45.05
Current Price	$65.31
Upside	-31.02%
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	-1.79%	2.63%	0.94	1.20	1.19	1.15	1.10	1.03	0.99	0.95	0.85	0.79
YoY Growth	-	-	-21.58%	1.36%	2.73%	4.93%	6.63%	4.10%	4.20%	11.36%	8.42%	8.32%
Dividend Yield	-	-	1.56%	2.35%	2.21%	1.82%	2.45%	2.47%	2.28%	2.10%	2.26%	1.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.35
(-) Cash Dividends Paid (M)	27.43
(=) Cash Retained (M)	55.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.67	10.42	6.25
Cash Retained (M)	55.92	55.92	55.92
(-) Cash Required (M)	-16.67	-10.42	-6.25
(=) Excess Retained (M)	39.25	45.50	49.67
(/) Shares Outstanding (M)	28.22	28.22	28.22
(=) Excess Retained per Share	1.39	1.61	1.76
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	1.39	1.61	1.76
(=) Adjusted Dividend	2.36	2.58	2.73
WACC / Discount Rate	8.04%	8.04%	8.04%
Growth Rate	0.63%	1.63%	2.63%
Fair Value	$32.05	$40.92	$51.75
Upside / Downside	-50.92%	-37.34%	-20.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.35	84.70	86.08	87.48	88.91	90.35	93.06
Payout Ratio	32.90%	44.32%	55.74%	67.16%	78.58%	90.00%	92.50%
Projected Dividends (M)	27.43	37.54	47.98	58.76	69.86	81.32	86.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.04%	8.04%	8.04%
Growth Rate	0.63%	1.63%	2.63%
Year 1 PV (M)	34.41	34.75	35.09
Year 2 PV (M)	40.30	41.11	41.92
Year 3 PV (M)	45.22	46.58	47.97
Year 4 PV (M)	49.28	51.27	53.32
Year 5 PV (M)	52.57	55.23	58.00
PV of Terminal Value (M)	1,103.15	1,159.07	1,217.22
Equity Value (M)	1,324.93	1,388.00	1,453.52
Shares Outstanding (M)	28.22	28.22	28.22
Fair Value	$46.94	$49.18	$51.50
Upside / Downside	-28.12%	-24.70%	-21.14%

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CSG Systems International, Inc. (CSGS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener