DDM Analysis: LVC.WA

Valuation Snapshot

Stable Growth	$309.46 - $1,401.87	$712.05
Multi-Stage	$159.38 - $174.41	$166.76
Blended Fair Value	$439.40
Current Price	$128.80
Upside	241.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	20.60%	0.00%	4.72	3.94	2.77	2.01	1.87	1.85	1.08	0.71	0.37	0.23
YoY Growth	-	-	19.80%	42.24%	37.81%	7.49%	1.08%	71.30%	52.11%	91.89%	58.79%	0.00%
Dividend Yield	-	-	3.66%	4.00%	2.01%	3.16%	5.88%	5.66%	1.83%	1.51%	1.31%	1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	181.51
(-) Cash Dividends Paid (M)	37.60
(=) Cash Retained (M)	143.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.30	22.69	13.61
Cash Retained (M)	143.92	143.92	143.92
(-) Cash Required (M)	-36.30	-22.69	-13.61
(=) Excess Retained (M)	107.61	121.23	130.30
(/) Shares Outstanding (M)	25.75	25.75	25.75
(=) Excess Retained per Share	4.18	4.71	5.06
LTM Dividend per Share	1.46	1.46	1.46
(+) Excess Retained per Share	4.18	4.71	5.06
(=) Adjusted Dividend	5.64	6.17	6.52
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$309.46	$712.05	$1,401.87
Upside / Downside	140.26%	452.83%	988.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	181.51	193.31	205.88	219.26	233.51	248.69	256.15
Payout Ratio	20.71%	34.57%	48.43%	62.29%	76.14%	90.00%	92.50%
Projected Dividends (M)	37.60	66.83	99.70	136.56	177.80	223.82	236.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	61.63	62.21	62.79
Year 2 PV (M)	84.78	86.40	88.03
Year 3 PV (M)	107.09	110.17	113.30
Year 4 PV (M)	128.58	133.52	138.61
Year 5 PV (M)	149.26	156.47	163.95
PV of Terminal Value (M)	3,572.72	3,745.29	3,924.46
Equity Value (M)	4,104.06	4,294.05	4,491.14
Shares Outstanding (M)	25.75	25.75	25.75
Fair Value	$159.38	$166.76	$174.41
Upside / Downside	23.74%	29.47%	35.41%

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LiveChat Software S.A. (LVC.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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