DDM Analysis: SPEN.TA

Valuation Snapshot

Stable Growth	$25.28 - $128.87	$51.92
Multi-Stage	$14.00 - $15.31	$14.64
Blended Fair Value	$33.28
Current Price	$27.08
Upside	22.91%
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%	0.00	0.19	0.19	0.19	0.16	0.19	0.16	0.44	0.22	0.22
YoY Growth	-	-	-100.00%	0.00%	0.00%	16.67%	-14.29%	16.67%	-62.96%	102.50%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.92%	0.74%	0.60%	0.67%	0.83%	1.31%	3.87%	2.16%	3.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	240.00
(-) Cash Dividends Paid (M)	80.00
(=) Cash Retained (M)	160.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.00	30.00	18.00
Cash Retained (M)	160.00	160.00	160.00
(-) Cash Required (M)	-48.00	-30.00	-18.00
(=) Excess Retained (M)	112.00	130.00	142.00
(/) Shares Outstanding (M)	370.38	370.38	370.38
(=) Excess Retained per Share	0.30	0.35	0.38
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.30	0.35	0.38
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.28	$51.92	$128.87
Upside / Downside	-6.63%	91.74%	375.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	240.00	255.60	272.21	289.91	308.75	328.82	338.69
Payout Ratio	33.33%	44.67%	56.00%	67.33%	78.67%	90.00%	92.50%
Projected Dividends (M)	80.00	114.17	152.44	195.20	242.88	295.94	313.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	105.05	106.04	107.04
Year 2 PV (M)	129.05	131.51	133.99
Year 3 PV (M)	152.05	156.42	160.87
Year 4 PV (M)	174.08	180.77	187.66
Year 5 PV (M)	195.16	204.58	214.37
PV of Terminal Value (M)	4,430.57	4,644.56	4,866.75
Equity Value (M)	5,185.96	5,423.90	5,670.68
Shares Outstanding (M)	370.38	370.38	370.38
Fair Value	$14.00	$14.64	$15.31
Upside / Downside	-48.30%	-45.92%	-43.46%

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Shapir Engineering and Industry Ltd (SPEN.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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