DDM Analysis: FDUS

Valuation Snapshot

Stable Growth	$100.97 - $467.85	$226.85
Multi-Stage	$52.50 - $57.46	$54.94
Blended Fair Value	$140.90
Current Price	$20.26
Upside	595.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	1.41	0.89	0.94	1.13	1.13	1.06	0.86	0.72
YoY Growth	-	-	0.00%	-100.00%	59.31%	-5.28%	-16.95%	-0.04%	6.43%	23.22%	19.21%	4.85%
Dividend Yield	-	-	0.00%	0.00%	7.41%	4.39%	6.02%	17.03%	7.30%	8.23%	4.90%	4.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.67
(-) Cash Dividends Paid (M)	14.58
(=) Cash Retained (M)	67.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.33	10.21	6.13
Cash Retained (M)	67.09	67.09	67.09
(-) Cash Required (M)	-16.33	-10.21	-6.13
(=) Excess Retained (M)	50.76	56.88	60.96
(/) Shares Outstanding (M)	34.72	34.72	34.72
(=) Excess Retained per Share	1.46	1.64	1.76
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	1.46	1.64	1.76
(=) Adjusted Dividend	1.88	2.06	2.18
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$100.97	$226.85	$467.85
Upside / Downside	398.39%	1,019.71%	2,209.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.67	86.98	92.64	98.66	105.07	111.90	115.26
Payout Ratio	17.86%	32.28%	46.71%	61.14%	75.57%	90.00%	92.50%
Projected Dividends (M)	14.58	28.08	43.27	60.32	79.40	100.71	106.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25.89	26.13	26.38
Year 2 PV (M)	36.77	37.47	38.18
Year 3 PV (M)	47.25	48.60	49.98
Year 4 PV (M)	57.33	59.53	61.80
Year 5 PV (M)	67.02	70.26	73.62
PV of Terminal Value (M)	1,588.56	1,665.29	1,744.95
Equity Value (M)	1,822.81	1,907.28	1,994.90
Shares Outstanding (M)	34.72	34.72	34.72
Fair Value	$52.50	$54.94	$57.46
Upside / Downside	159.15%	171.16%	183.62%

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Financial Statements

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Fidus Investment Corporation (FDUS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener