DDM Analysis: ALPUL.PA

Valuation Snapshot

Stable Growth	$165.95 - $495.43	$464.29
Multi-Stage	$65.83 - $72.14	$68.93
Blended Fair Value	$266.61
Current Price	$18.74
Upside	1,322.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2017	2016	2015
DPS	-44.38%	0.00%	0.02	0.06	0.00	0.00	0.00	0.36	0.00	0.00	0.00	0.00
YoY Growth	-	-	-67.48%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.10%	0.61%	0.00%	0.00%	0.00%	4.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.36
(-) Cash Dividends Paid (M)	0.15
(=) Cash Retained (M)	19.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.87	2.42	1.45
Cash Retained (M)	19.21	19.21	19.21
(-) Cash Required (M)	-3.87	-2.42	-1.45
(=) Excess Retained (M)	15.34	16.79	17.76
(/) Shares Outstanding (M)	7.77	7.77	7.77
(=) Excess Retained per Share	1.97	2.16	2.29
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	1.97	2.16	2.29
(=) Adjusted Dividend	1.99	2.18	2.30
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$165.95	$464.29	$495.43
Upside / Downside	785.54%	2,377.52%	2,543.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.36	20.61	21.95	23.38	24.90	26.52	27.31
Payout Ratio	0.76%	18.61%	36.46%	54.30%	72.15%	90.00%	92.50%
Projected Dividends (M)	0.15	3.84	8.00	12.70	17.97	23.87	25.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3.56	3.59	3.63
Year 2 PV (M)	6.89	7.02	7.15
Year 3 PV (M)	10.14	10.43	10.73
Year 4 PV (M)	13.31	13.83	14.35
Year 5 PV (M)	16.41	17.20	18.03
PV of Terminal Value (M)	461.17	483.44	506.57
Equity Value (M)	511.48	535.52	560.46
Shares Outstanding (M)	7.77	7.77	7.77
Fair Value	$65.83	$68.93	$72.14
Upside / Downside	251.29%	267.80%	284.93%

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Pullup Entertainment S.A. (ALPUL.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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