DDM Analysis: EXENS.PA

Valuation Snapshot

Stable Growth	$9.63 - $13.68	$11.63
Multi-Stage	$14.26 - $15.68	$14.96
Blended Fair Value	$13.29
Current Price	$40.35
Upside	-67.06%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	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)	63.54
(-) Cash Dividends Paid (M)	5.08
(=) Cash Retained (M)	58.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.71	7.94	4.77
Cash Retained (M)	58.46	58.46	58.46
(-) Cash Required (M)	-12.71	-7.94	-4.77
(=) Excess Retained (M)	45.75	50.52	53.70
(/) Shares Outstanding (M)	43.70	43.70	43.70
(=) Excess Retained per Share	1.05	1.16	1.23
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	1.05	1.16	1.23
(=) Adjusted Dividend	1.16	1.27	1.34
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.63	$11.63	$13.68
Upside / Downside	-76.13%	-71.19%	-66.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.54	62.90	62.27	61.65	61.04	60.42	62.24
Payout Ratio	7.99%	24.39%	40.80%	57.20%	73.60%	90.00%	92.50%
Projected Dividends (M)	5.08	15.34	25.41	35.26	44.92	54.38	57.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13.83	13.97	14.11
Year 2 PV (M)	20.64	21.06	21.49
Year 3 PV (M)	25.82	26.61	27.43
Year 4 PV (M)	29.64	30.87	32.13
Year 5 PV (M)	32.34	34.02	35.78
PV of Terminal Value (M)	501.00	527.09	554.26
Equity Value (M)	623.27	653.63	685.20
Shares Outstanding (M)	43.70	43.70	43.70
Fair Value	$14.26	$14.96	$15.68
Upside / Downside	-64.66%	-62.93%	-61.14%

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Exosens (EXENS.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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