DDM Analysis: HAVAS.AS

Valuation Snapshot

Stable Growth	$36.38 - $61.68	$47.40
Multi-Stage	$144.59 - $159.44	$151.87
Blended Fair Value	$99.64
Current Price	$14.60
Upside	582.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	2.06	0.75	0.68	0.29	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	176.47%	10.39%	133.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	12.72%	4.10%	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)	348.00
(-) Cash Dividends Paid (M)	314.00
(=) Cash Retained (M)	34.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.60	43.50	26.10
Cash Retained (M)	34.00	34.00	34.00
(-) Cash Required (M)	-69.60	-43.50	-26.10
(=) Excess Retained (M)	-35.60	-9.50	7.90
(/) Shares Outstanding (M)	114.02	114.02	114.02
(=) Excess Retained per Share	-0.31	-0.08	0.07
LTM Dividend per Share	2.75	2.75	2.75
(+) Excess Retained per Share	-0.31	-0.08	0.07
(=) Adjusted Dividend	2.44	2.67	2.82
WACC / Discount Rate	4.58%	4.58%	4.58%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$36.38	$47.40	$61.68
Upside / Downside	149.18%	224.69%	322.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	348.00	344.52	341.07	337.66	334.29	330.94	340.87
Payout Ratio	90.23%	90.18%	90.14%	90.09%	90.05%	90.00%	92.50%
Projected Dividends (M)	314.00	310.70	307.44	304.21	301.01	297.85	315.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.58%	4.58%	4.58%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	294.10	297.10	300.10
Year 2 PV (M)	275.46	281.11	286.82
Year 3 PV (M)	258.01	265.99	274.13
Year 4 PV (M)	241.66	251.67	262.00
Year 5 PV (M)	226.34	238.13	250.40
PV of Terminal Value (M)	15,190.64	15,981.65	16,805.28
Equity Value (M)	16,486.21	17,315.65	18,178.72
Shares Outstanding (M)	114.02	114.02	114.02
Fair Value	$144.59	$151.87	$159.44
Upside / Downside	890.35%	940.18%	992.03%

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Havas S.A. (HAVAS.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener