DDM Analysis: ALKER.PA

Valuation Snapshot

Stable Growth	$4.74 - $7.12	$5.87
Multi-Stage	$8.99 - $9.91	$9.44
Blended Fair Value	$7.66
Current Price	$10.10
Upside	-24.20%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.11%	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)	1.13
(-) Cash Dividends Paid (M)	0.02
(=) Cash Retained (M)	1.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.23	0.14	0.08
Cash Retained (M)	1.11	1.11	1.11
(-) Cash Required (M)	-0.23	-0.14	-0.08
(=) Excess Retained (M)	0.88	0.97	1.02
(/) Shares Outstanding (M)	2.00	2.00	2.00
(=) Excess Retained per Share	0.44	0.48	0.51
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.44	0.48	0.51
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.74	$5.87	$7.12
Upside / Downside	-53.04%	-41.89%	-29.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1.13	1.12	1.11	1.10	1.08	1.07	1.11
Payout Ratio	1.99%	19.59%	37.20%	54.80%	72.40%	90.00%	92.50%
Projected Dividends (M)	0.02	0.22	0.41	0.60	0.79	0.97	1.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	0.20	0.20	0.21
Year 2 PV (M)	0.35	0.36	0.36
Year 3 PV (M)	0.47	0.49	0.50
Year 4 PV (M)	0.57	0.59	0.62
Year 5 PV (M)	0.64	0.68	0.71
PV of Terminal Value (M)	15.75	16.57	17.42
Equity Value (M)	17.99	18.89	19.82
Shares Outstanding (M)	2.00	2.00	2.00
Fair Value	$8.99	$9.44	$9.91
Upside / Downside	-10.96%	-6.50%	-1.86%

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Media-Maker S.p.A. (ALKER.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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