DDM Analysis: FCC.MC

Valuation Snapshot

Stable Growth	$86.39 - $101.79	$95.39
Multi-Stage	$23.96 - $26.27	$25.09
Blended Fair Value	$60.24
Current Price	$12.72
Upside	373.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.21%	38.03%	0.27	0.04	0.16	0.14	0.08	0.16	0.01	0.04	0.03	0.03
YoY Growth	-	-	526.00%	-73.42%	15.88%	72.34%	-48.81%	1,031.13%	-61.58%	41.27%	-22.47%	210.00%
Dividend Yield	-	-	2.63%	0.35%	1.80%	1.29%	0.81%	2.14%	0.12%	0.37%	0.30%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	230.92
(-) Cash Dividends Paid (M)	45.28
(=) Cash Retained (M)	185.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.18	28.86	17.32
Cash Retained (M)	185.64	185.64	185.64
(-) Cash Required (M)	-46.18	-28.86	-17.32
(=) Excess Retained (M)	139.46	156.78	168.32
(/) Shares Outstanding (M)	451.18	451.18	451.18
(=) Excess Retained per Share	0.31	0.35	0.37
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.31	0.35	0.37
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$86.39	$95.39	$101.79
Upside / Downside	579.20%	649.92%	700.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	230.92	245.93	261.91	278.94	297.07	316.38	325.87
Payout Ratio	19.61%	33.69%	47.76%	61.84%	75.92%	90.00%	92.50%
Projected Dividends (M)	45.28	82.84	125.10	172.50	225.54	284.74	301.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	78.00	78.74	79.48
Year 2 PV (M)	110.90	113.02	115.15
Year 3 PV (M)	143.99	148.12	152.33
Year 4 PV (M)	177.25	184.07	191.08
Year 5 PV (M)	210.70	220.87	231.44
PV of Terminal Value (M)	10,088.01	10,575.26	11,081.16
Equity Value (M)	10,808.84	11,320.08	11,850.64
Shares Outstanding (M)	451.18	451.18	451.18
Fair Value	$23.96	$25.09	$26.27
Upside / Downside	88.34%	97.25%	106.49%

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Fomento de Construcciones y Contratas, S.A. (FCC.MC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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