DDM Analysis: FMV.DE

Valuation Snapshot

Stable Growth	$4.64 - $10.15	$6.66
Multi-Stage	$3.32 - $3.63	$3.47
Blended Fair Value	$5.07
Current Price	$12.32
Upside	-58.88%
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	0.00%	0.00%	0.02	0.02	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-9.73%	-14.55%	74.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.25%	0.30%	0.29%	0.09%	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)	76.32
(-) Cash Dividends Paid (M)	8.71
(=) Cash Retained (M)	67.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.26	9.54	5.72
Cash Retained (M)	67.61	67.61	67.61
(-) Cash Required (M)	-15.26	-9.54	-5.72
(=) Excess Retained (M)	52.35	58.07	61.89
(/) Shares Outstanding (M)	320.35	320.35	320.35
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.64	$6.66	$10.15
Upside / Downside	-62.35%	-45.96%	-17.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	76.32	81.28	86.56	92.19	98.18	104.56	107.70
Payout Ratio	11.41%	27.13%	42.84%	58.56%	74.28%	90.00%	92.50%
Projected Dividends (M)	8.71	22.05	37.09	53.99	72.93	94.11	99.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.89	20.07	20.26
Year 2 PV (M)	30.17	30.74	31.32
Year 3 PV (M)	39.61	40.75	41.91
Year 4 PV (M)	48.26	50.11	52.02
Year 5 PV (M)	56.16	58.87	61.69
PV of Terminal Value (M)	869.92	911.94	955.56
Equity Value (M)	1,064.00	1,112.49	1,162.77
Shares Outstanding (M)	320.35	320.35	320.35
Fair Value	$3.32	$3.47	$3.63
Upside / Downside	-73.04%	-71.81%	-70.54%

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First Majestic Silver Corp. (FMV.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener