DDM Analysis: CROS.PA

Valuation Snapshot

Stable Growth	$1.19 - $1.56	$1.38
Multi-Stage	$4.10 - $4.56	$4.33
Blended Fair Value	$2.85
Current Price	$10.00
Upside	-71.46%
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%	0.10	0.11	0.10	0.38	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-9.15%	10.07%	-73.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.00%	1.31%	1.37%	5.80%	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)	3.67
(-) Cash Dividends Paid (M)	2.23
(=) Cash Retained (M)	1.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.73	0.46	0.28
Cash Retained (M)	1.44	1.44	1.44
(-) Cash Required (M)	-0.73	-0.46	-0.28
(=) Excess Retained (M)	0.70	0.98	1.16
(/) Shares Outstanding (M)	10.63	10.63	10.63
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-13.68%	-12.68%	-11.68%
Fair Value	$1.19	$1.38	$1.56
Upside / Downside	-88.14%	-86.19%	-84.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.67	3.21	2.80	2.45	2.14	1.86	1.92
Payout Ratio	60.81%	66.65%	72.49%	78.32%	84.16%	90.00%	92.50%
Projected Dividends (M)	2.23	2.14	2.03	1.92	1.80	1.68	1.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-13.68%	-12.68%	-11.68%
Year 1 PV (M)	1.99	2.01	2.03
Year 2 PV (M)	1.75	1.79	1.83
Year 3 PV (M)	1.53	1.59	1.64
Year 4 PV (M)	1.34	1.40	1.47
Year 5 PV (M)	1.16	1.23	1.30
PV of Terminal Value (M)	35.87	37.99	40.22
Equity Value (M)	43.64	46.01	48.50
Shares Outstanding (M)	10.63	10.63	10.63
Fair Value	$4.10	$4.33	$4.56
Upside / Downside	-58.96%	-56.73%	-54.39%

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Crosswood S.A. (CROS.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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