DDM Analysis: FTI

Valuation Snapshot

Stable Growth	$14.85 - $21.17	$17.96
Multi-Stage	$36.81 - $40.69	$38.71
Blended Fair Value	$28.33
Current Price	$39.45
Upside	-28.18%
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	-18.08%	-10.17%	0.20	0.10	0.00	0.00	0.14	0.54	0.56	0.14	0.26	0.23
YoY Growth	-	-	97.47%	0.00%	0.00%	-100.00%	-74.57%	-2.23%	292.90%	-45.65%	12.97%	-60.69%
Dividend Yield	-	-	0.63%	0.40%	0.00%	0.00%	1.79%	9.86%	2.79%	0.59%	0.98%	1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	972.60
(-) Cash Dividends Paid (M)	83.30
(=) Cash Retained (M)	889.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.52	121.58	72.95
Cash Retained (M)	889.30	889.30	889.30
(-) Cash Required (M)	-194.52	-121.58	-72.95
(=) Excess Retained (M)	694.78	767.73	816.36
(/) Shares Outstanding (M)	427.58	427.58	427.58
(=) Excess Retained per Share	1.62	1.80	1.91
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	1.62	1.80	1.91
(=) Adjusted Dividend	1.82	1.99	2.10
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	-4.90%	-3.90%	-2.90%
Fair Value	$14.85	$17.96	$21.17
Upside / Downside	-62.35%	-54.49%	-46.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	972.60	934.63	898.14	863.08	829.38	797.00	820.91
Payout Ratio	8.56%	24.85%	41.14%	57.43%	73.71%	90.00%	92.50%
Projected Dividends (M)	83.30	232.27	369.48	495.63	611.36	717.30	759.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	-4.90%	-3.90%	-2.90%
Year 1 PV (M)	215.32	217.59	219.85
Year 2 PV (M)	317.53	324.25	331.03
Year 3 PV (M)	394.86	407.45	420.30
Year 4 PV (M)	451.52	470.82	490.72
Year 5 PV (M)	491.11	517.48	544.98
PV of Terminal Value (M)	13,870.29	14,615.06	15,391.50
Equity Value (M)	15,740.64	16,552.65	17,398.38
Shares Outstanding (M)	427.58	427.58	427.58
Fair Value	$36.81	$38.71	$40.69
Upside / Downside	-6.68%	-1.87%	3.15%

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TechnipFMC plc (FTI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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