DDM Analysis: EYAPS.AT

Valuation Snapshot

Stable Growth	$0.78 - $1.00	$0.90
Multi-Stage	$3.64 - $4.09	$3.86
Blended Fair Value	$2.38
Current Price	$3.29
Upside	-27.73%
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	-26.06%	-21.06%	0.03	0.00	0.21	0.22	0.26	0.12	0.21	0.22	0.24	0.23
YoY Growth	-	-	16,366.67%	-99.92%	-2.01%	-16.75%	115.32%	-42.29%	-3.14%	-9.83%	4.11%	-18.94%
Dividend Yield	-	-	0.84%	0.00%	6.50%	4.71%	5.99%	2.55%	4.77%	4.80%	6.97%	7.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10.33
(-) Cash Dividends Paid (M)	1.00
(=) Cash Retained (M)	9.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.07	1.29	0.77
Cash Retained (M)	9.33	9.33	9.33
(-) Cash Required (M)	-2.07	-1.29	-0.77
(=) Excess Retained (M)	7.26	8.04	8.55
(/) Shares Outstanding (M)	36.59	36.59	36.59
(=) Excess Retained per Share	0.20	0.22	0.23
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.20	0.22	0.23
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	-18.46%	-17.46%	-16.46%
Fair Value	$0.78	$0.90	$1.00
Upside / Downside	-76.43%	-72.75%	-69.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10.33	8.52	7.03	5.81	4.79	3.96	4.07
Payout Ratio	9.65%	25.72%	41.79%	57.86%	73.93%	90.00%	92.50%
Projected Dividends (M)	1.00	2.19	2.94	3.36	3.54	3.56	3.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	-18.46%	-17.46%	-16.46%
Year 1 PV (M)	2.06	2.08	2.11
Year 2 PV (M)	2.59	2.65	2.72
Year 3 PV (M)	2.78	2.88	2.98
Year 4 PV (M)	2.75	2.88	3.03
Year 5 PV (M)	2.59	2.75	2.92
PV of Terminal Value (M)	120.37	127.94	135.88
Equity Value (M)	133.13	141.19	149.64
Shares Outstanding (M)	36.59	36.59	36.59
Fair Value	$3.64	$3.86	$4.09
Upside / Downside	10.60%	17.29%	24.31%

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Thessaloniki Water Supply & Sewerage Co S.A. (EYAPS.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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