DDM Analysis: FSI

Valuation Snapshot

Stable Growth	$18.62 - $71.36	$53.39
Multi-Stage	$10.25 - $11.22	$10.73
Blended Fair Value	$32.06
Current Price	$9.64
Upside	232.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.15%	0.00%	0.10	0.05	0.00	0.00	0.00	0.18	0.00	0.00	0.00	0.00
YoY Growth	-	-	100.24%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.91%	2.53%	0.00%	0.00%	0.00%	15.75%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.70
(-) Cash Dividends Paid (M)	1.27
(=) Cash Retained (M)	3.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.94	0.59	0.35
Cash Retained (M)	3.42	3.42	3.42
(-) Cash Required (M)	-0.94	-0.59	-0.35
(=) Excess Retained (M)	2.48	2.84	3.07
(/) Shares Outstanding (M)	13.02	13.02	13.02
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.29	0.32	0.33
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.86%	5.86%	6.86%
Fair Value	$18.62	$53.39	$71.36
Upside / Downside	93.15%	453.85%	640.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.70	4.97	5.27	5.57	5.90	6.25	6.43
Payout Ratio	27.13%	39.70%	52.28%	64.85%	77.43%	90.00%	92.50%
Projected Dividends (M)	1.27	1.97	2.75	3.61	4.57	5.62	5.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.86%	5.86%	6.86%
Year 1 PV (M)	1.84	1.85	1.87
Year 2 PV (M)	2.38	2.43	2.47
Year 3 PV (M)	2.91	2.99	3.08
Year 4 PV (M)	3.42	3.55	3.69
Year 5 PV (M)	3.92	4.11	4.30
PV of Terminal Value (M)	118.91	124.68	130.69
Equity Value (M)	133.37	139.62	146.10
Shares Outstanding (M)	13.02	13.02	13.02
Fair Value	$10.25	$10.73	$11.22
Upside / Downside	6.28%	11.26%	16.43%

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Flexible Solutions International, Inc. (FSI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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