DDM Analysis: ALLEC.PA

Valuation Snapshot

Stable Growth	$12.70 - $19.35	$15.81
Multi-Stage	$26.98 - $29.68	$28.30
Blended Fair Value	$22.06
Current Price	$25.00
Upside	-11.77%
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	0.00%	0.00%	0.38	0.29	0.00	0.00	0.00	0.00	0.24	0.18	0.18	0.18
YoY Growth	-	-	29.30%	0.00%	0.00%	0.00%	0.00%	-100.00%	33.33%	0.00%	-0.13%	0.00%
Dividend Yield	-	-	2.42%	4.05%	0.00%	0.00%	0.00%	0.00%	3.73%	1.52%	1.52%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.89
(-) Cash Dividends Paid (M)	5.59
(=) Cash Retained (M)	6.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.38	1.49	0.89
Cash Retained (M)	6.30	6.30	6.30
(-) Cash Required (M)	-2.38	-1.49	-0.89
(=) Excess Retained (M)	3.93	4.82	5.41
(/) Shares Outstanding (M)	8.30	8.30	8.30
(=) Excess Retained per Share	0.47	0.58	0.65
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	0.47	0.58	0.65
(=) Adjusted Dividend	1.15	1.25	1.33
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.70	$15.81	$19.35
Upside / Downside	-49.22%	-36.74%	-22.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.89	11.77	11.66	11.54	11.42	11.31	11.65
Payout Ratio	46.99%	55.59%	64.19%	72.80%	81.40%	90.00%	92.50%
Projected Dividends (M)	5.59	6.54	7.48	8.40	9.30	10.18	10.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.06	6.13	6.19
Year 2 PV (M)	6.42	6.55	6.69
Year 3 PV (M)	6.68	6.89	7.10
Year 4 PV (M)	6.85	7.13	7.43
Year 5 PV (M)	6.95	7.31	7.68
PV of Terminal Value (M)	190.83	200.77	211.12
Equity Value (M)	223.79	234.77	246.19
Shares Outstanding (M)	8.30	8.30	8.30
Fair Value	$26.98	$28.30	$29.68
Upside / Downside	7.91%	13.21%	18.72%

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Cogelec S.A. (ALLEC.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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