DDM Analysis: ZEUS

Valuation Snapshot

Stable Growth	$35.39 - $145.79	$60.77
Multi-Stage	$22.52 - $24.59	$23.54
Blended Fair Value	$42.16
Current Price	$30.45
Upside	38.44%
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	50.02%	22.50%	0.57	0.47	0.34	0.08	0.08	0.07	0.07	0.07	0.07	0.07
YoY Growth	-	-	20.01%	38.94%	352.14%	0.11%	0.68%	-0.11%	0.23%	0.11%	-0.23%	0.11%
Dividend Yield	-	-	1.81%	0.67%	0.65%	0.20%	0.26%	0.72%	0.44%	0.36%	0.40%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.79
(-) Cash Dividends Paid (M)	6.92
(=) Cash Retained (M)	6.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.76	1.72	1.03
Cash Retained (M)	6.87	6.87	6.87
(-) Cash Required (M)	-2.76	-1.72	-1.03
(=) Excess Retained (M)	4.12	5.15	5.84
(/) Shares Outstanding (M)	11.74	11.74	11.74
(=) Excess Retained per Share	0.35	0.44	0.50
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.35	0.44	0.50
(=) Adjusted Dividend	0.94	1.03	1.09
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.39	$60.77	$145.79
Upside / Downside	16.24%	99.59%	378.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.79	14.69	15.64	16.66	17.74	18.89	19.46
Payout Ratio	50.16%	58.12%	66.09%	74.06%	82.03%	90.00%	92.50%
Projected Dividends (M)	6.92	8.54	10.34	12.34	14.55	17.00	18.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.81	7.88	7.96
Year 2 PV (M)	8.65	8.81	8.98
Year 3 PV (M)	9.44	9.71	9.99
Year 4 PV (M)	10.19	10.58	10.98
Year 5 PV (M)	10.89	11.41	11.96
PV of Terminal Value (M)	217.38	227.88	238.79
Equity Value (M)	264.35	276.28	288.65
Shares Outstanding (M)	11.74	11.74	11.74
Fair Value	$22.52	$23.54	$24.59
Upside / Downside	-26.04%	-22.70%	-19.24%

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Financial Statements

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Olympic Steel, Inc. (ZEUS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener