DDM Analysis: EPSIL.AT

Valuation Snapshot

Stable Growth	$16.97 - $52.77	$27.18
Multi-Stage	$11.05 - $12.08	$11.56
Blended Fair Value	$19.37
Current Price	$9.56
Upside	102.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	0.07	0.03	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	111.43%	201.21%	80.62%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.77%	0.54%	0.22%	0.55%	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)	35.15
(-) Cash Dividends Paid (M)	5.91
(=) Cash Retained (M)	29.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.03	4.39	2.64
Cash Retained (M)	29.25	29.25	29.25
(-) Cash Required (M)	-7.03	-4.39	-2.64
(=) Excess Retained (M)	22.22	24.85	26.61
(/) Shares Outstanding (M)	54.28	54.28	54.28
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.97	$27.18	$52.77
Upside / Downside	77.54%	184.31%	451.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.15	37.44	39.87	42.46	45.22	48.16	49.61
Payout Ratio	16.81%	31.44%	46.08%	60.72%	75.36%	90.00%	92.50%
Projected Dividends (M)	5.91	11.77	18.37	25.79	34.08	43.35	45.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.73	10.83	10.93
Year 2 PV (M)	15.25	15.55	15.84
Year 3 PV (M)	19.50	20.06	20.64
Year 4 PV (M)	23.49	24.39	25.32
Year 5 PV (M)	27.22	28.54	29.90
PV of Terminal Value (M)	503.77	528.11	553.37
Equity Value (M)	599.97	627.48	656.00
Shares Outstanding (M)	54.28	54.28	54.28
Fair Value	$11.05	$11.56	$12.08
Upside / Downside	15.61%	20.91%	26.41%

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Epsilon Net S.A. (EPSIL.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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