DDM Analysis: SPIE.PA

Valuation Snapshot

Stable Growth	$427.37 - $503.52	$471.87
Multi-Stage	$295.25 - $323.85	$309.28
Blended Fair Value	$390.58
Current Price	$47.70
Upside	718.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.72%	0.00%	0.86	0.76	0.63	0.54	0.00	0.54	0.53	0.63	0.46	0.00
YoY Growth	-	-	13.27%	19.67%	16.01%	0.00%	-100.00%	2.49%	-17.16%	38.00%	0.00%	0.00%
Dividend Yield	-	-	2.85%	2.68%	2.59%	2.40%	0.00%	2.96%	4.53%	2.91%	2.30%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	425.16
(-) Cash Dividends Paid (M)	407.59
(=) Cash Retained (M)	17.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.03	53.14	31.89
Cash Retained (M)	17.57	17.57	17.57
(-) Cash Required (M)	-85.03	-53.14	-31.89
(=) Excess Retained (M)	-67.46	-35.58	-14.32
(/) Shares Outstanding (M)	167.71	167.71	167.71
(=) Excess Retained per Share	-0.40	-0.21	-0.09
LTM Dividend per Share	2.43	2.43	2.43
(+) Excess Retained per Share	-0.40	-0.21	-0.09
(=) Adjusted Dividend	2.03	2.22	2.34
WACC / Discount Rate	2.12%	2.12%	2.12%
Growth Rate	5.36%	6.36%	7.36%
Fair Value	$427.37	$471.87	$503.52
Upside / Downside	795.95%	889.25%	955.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	425.16	452.22	481.00	511.61	544.17	578.81	596.17
Payout Ratio	95.87%	94.69%	93.52%	92.35%	91.17%	90.00%	92.50%
Projected Dividends (M)	407.59	428.23	449.83	472.46	496.14	520.93	551.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.12%	2.12%	2.12%
Growth Rate	5.36%	6.36%	7.36%
Year 1 PV (M)	415.39	419.33	423.27
Year 2 PV (M)	423.27	431.34	439.49
Year 3 PV (M)	431.23	443.62	456.25
Year 4 PV (M)	439.27	456.18	473.58
Year 5 PV (M)	447.38	469.02	491.49
PV of Terminal Value (M)	47,360.53	49,651.06	52,029.37
Equity Value (M)	49,517.07	51,870.56	54,313.45
Shares Outstanding (M)	167.71	167.71	167.71
Fair Value	$295.25	$309.28	$323.85
Upside / Downside	518.98%	548.40%	578.93%

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SPIE S.a. (SPIE.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener