DDM Analysis: FORUS.SN

Valuation Snapshot

Stable Growth	$1,896.01 - $3,885.06	$2,658.52
Multi-Stage	$2,147.86 - $2,352.45	$2,248.25
Blended Fair Value	$2,453.39
Current Price	$2,139.90
Upside	14.65%
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	2.45%	-2.69%	44.13	48.26	45.43	20.04	13.84	39.09	40.85	40.39	48.51	54.28
YoY Growth	-	-	-8.56%	6.23%	126.73%	44.77%	-64.59%	-4.29%	1.14%	-16.75%	-10.63%	-6.36%
Dividend Yield	-	-	2.10%	2.97%	2.90%	1.81%	0.97%	5.36%	2.35%	1.71%	1.84%	2.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,368.15
(-) Cash Dividends Paid (M)	12,108.55
(=) Cash Retained (M)	16,259.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,673.63	3,546.02	2,127.61
Cash Retained (M)	16,259.60	16,259.60	16,259.60
(-) Cash Required (M)	-5,673.63	-3,546.02	-2,127.61
(=) Excess Retained (M)	10,585.97	12,713.58	14,131.99
(/) Shares Outstanding (M)	261.44	261.44	261.44
(=) Excess Retained per Share	40.49	48.63	54.05
LTM Dividend per Share	46.31	46.31	46.31
(+) Excess Retained per Share	40.49	48.63	54.05
(=) Adjusted Dividend	86.81	94.94	100.37
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	2.85%	3.85%	4.85%
Fair Value	$1,896.01	$2,658.52	$3,885.06
Upside / Downside	-11.40%	24.24%	81.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,368.15	29,459.53	30,592.90	31,769.88	32,992.13	34,261.41	35,289.25
Payout Ratio	42.68%	52.15%	61.61%	71.07%	80.54%	90.00%	92.50%
Projected Dividends (M)	12,108.55	15,362.23	18,848.34	22,579.95	26,570.78	30,835.27	32,642.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	2.85%	3.85%	4.85%
Year 1 PV (M)	14,145.48	14,283.02	14,420.56
Year 2 PV (M)	15,980.85	16,293.13	16,608.44
Year 3 PV (M)	17,628.41	18,147.64	18,676.97
Year 4 PV (M)	19,101.09	19,854.89	20,630.78
Year 5 PV (M)	20,411.03	21,422.82	22,474.33
PV of Terminal Value (M)	474,271.84	497,781.70	522,214.77
Equity Value (M)	561,538.71	587,783.20	615,025.84
Shares Outstanding (M)	261.44	261.44	261.44
Fair Value	$2,147.86	$2,248.25	$2,352.45
Upside / Downside	0.37%	5.06%	9.93%

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Forus S.A. (FORUS.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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