DDM Analysis: ALSTI.PA

Valuation Snapshot

Stable Growth	$81.62 - $185.76	$118.79
Multi-Stage	$345.23 - $381.59	$363.05
Blended Fair Value	$240.92
Current Price	$65.00
Upside	270.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.00	0.20	0.17	0.16	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	14.32%	7.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	2.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17.63
(-) Cash Dividends Paid (M)	0.97
(=) Cash Retained (M)	16.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.53	2.20	1.32
Cash Retained (M)	16.67	16.67	16.67
(-) Cash Required (M)	-3.53	-2.20	-1.32
(=) Excess Retained (M)	13.14	14.46	15.34
(/) Shares Outstanding (M)	4.08	4.08	4.08
(=) Excess Retained per Share	3.22	3.55	3.76
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	3.22	3.55	3.76
(=) Adjusted Dividend	3.46	3.78	4.00
WACC / Discount Rate	2.15%	2.15%	2.15%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$81.62	$118.79	$185.76
Upside / Downside	25.58%	82.75%	185.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17.63	17.46	17.28	17.11	16.94	16.77	17.27
Payout Ratio	5.48%	22.38%	39.29%	56.19%	73.10%	90.00%	92.50%
Projected Dividends (M)	0.97	3.91	6.79	9.61	12.38	15.09	15.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.15%	2.15%	2.15%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.79	3.82	3.86
Year 2 PV (M)	6.38	6.51	6.64
Year 3 PV (M)	8.75	9.02	9.29
Year 4 PV (M)	10.92	11.37	11.84
Year 5 PV (M)	12.89	13.57	14.27
PV of Terminal Value (M)	1,365.04	1,436.12	1,510.13
Equity Value (M)	1,407.76	1,480.40	1,556.03
Shares Outstanding (M)	4.08	4.08	4.08
Fair Value	$345.23	$363.05	$381.59
Upside / Downside	431.13%	458.53%	487.06%

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STIF S.a. (ALSTI.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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