DDM Analysis: MRN.PA

Valuation Snapshot

Stable Growth	$837.01 - $986.49	$924.32
Multi-Stage	$519.83 - $571.35	$545.10
Blended Fair Value	$734.71
Current Price	$22.10
Upside	3,224.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.93%	11.94%	1.24	1.21	0.83	0.54	0.00	0.89	0.63	0.49	0.42	0.42
YoY Growth	-	-	2.32%	45.89%	53.33%	13,400.00%	-99.55%	39.87%	28.46%	17.14%	0.00%	5.00%
Dividend Yield	-	-	6.02%	3.46%	2.29%	1.53%	0.02%	2.71%	2.81%	1.39%	2.16%	2.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.00
(-) Cash Dividends Paid (M)	57.20
(=) Cash Retained (M)	68.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.20	15.75	9.45
Cash Retained (M)	68.80	68.80	68.80
(-) Cash Required (M)	-25.20	-15.75	-9.45
(=) Excess Retained (M)	43.60	53.05	59.35
(/) Shares Outstanding (M)	24.94	24.94	24.94
(=) Excess Retained per Share	1.75	2.13	2.38
LTM Dividend per Share	2.29	2.29	2.29
(+) Excess Retained per Share	1.75	2.13	2.38
(=) Adjusted Dividend	4.04	4.42	4.67
WACC / Discount Rate	2.70%	2.70%	2.70%
Growth Rate	3.53%	4.53%	5.53%
Fair Value	$837.01	$924.32	$986.49
Upside / Downside	3,687.37%	4,082.44%	4,363.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.00	131.71	137.67	143.91	150.43	157.24	161.96
Payout Ratio	45.40%	54.32%	63.24%	72.16%	81.08%	90.00%	92.50%
Projected Dividends (M)	57.20	71.54	87.06	103.84	121.96	141.52	149.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.70%	2.70%	2.70%
Growth Rate	3.53%	4.53%	5.53%
Year 1 PV (M)	68.99	69.66	70.32
Year 2 PV (M)	80.97	82.54	84.13
Year 3 PV (M)	93.13	95.86	98.64
Year 4 PV (M)	105.49	109.63	113.88
Year 5 PV (M)	118.04	123.85	129.89
PV of Terminal Value (M)	12,495.73	13,110.99	13,750.25
Equity Value (M)	12,962.35	13,592.52	14,247.10
Shares Outstanding (M)	24.94	24.94	24.94
Fair Value	$519.83	$545.10	$571.35
Upside / Downside	2,252.16%	2,366.51%	2,485.29%

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Financial Statements

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Mersen S.A. (MRN.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener