DDM Analysis: IPN.PA

Valuation Snapshot

Stable Growth	$415.66 - $1,880.80	$728.32
Multi-Stage	$359.14 - $393.84	$376.17
Blended Fair Value	$552.24
Current Price	$101.10
Upside	446.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.66%	4.28%	1.19	1.19	1.19	0.99	1.00	1.00	0.99	0.84	0.84	0.84
YoY Growth	-	-	0.00%	0.30%	19.78%	-0.36%	0.00%	0.24%	18.23%	0.29%	0.00%	6.87%
Dividend Yield	-	-	1.08%	1.11%	1.18%	1.23%	1.47%	1.26%	0.88%	0.83%	1.22%	1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,129.10
(-) Cash Dividends Paid (M)	216.30
(=) Cash Retained (M)	912.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	225.82	141.14	84.68
Cash Retained (M)	912.80	912.80	912.80
(-) Cash Required (M)	-225.82	-141.14	-84.68
(=) Excess Retained (M)	686.98	771.66	828.12
(/) Shares Outstanding (M)	83.43	83.43	83.43
(=) Excess Retained per Share	8.23	9.25	9.93
LTM Dividend per Share	2.59	2.59	2.59
(+) Excess Retained per Share	8.23	9.25	9.93
(=) Adjusted Dividend	10.83	11.84	12.52
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.83%	4.83%	5.83%
Fair Value	$415.66	$728.32	$1,880.80
Upside / Downside	311.14%	620.39%	1,760.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,129.10	1,183.62	1,240.77	1,300.68	1,363.48	1,429.31	1,472.19
Payout Ratio	19.16%	33.33%	47.49%	61.66%	75.83%	90.00%	92.50%
Projected Dividends (M)	216.30	394.45	589.29	802.03	1,033.94	1,286.38	1,361.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.83%	4.83%	5.83%
Year 1 PV (M)	366.73	370.26	373.79
Year 2 PV (M)	509.38	519.23	529.19
Year 3 PV (M)	644.55	663.35	682.52
Year 4 PV (M)	772.53	802.72	833.79
Year 5 PV (M)	893.59	937.46	983.04
PV of Terminal Value (M)	26,776.95	28,091.51	29,457.20
Equity Value (M)	29,963.72	31,384.54	32,859.52
Shares Outstanding (M)	83.43	83.43	83.43
Fair Value	$359.14	$376.17	$393.84
Upside / Downside	255.23%	272.07%	289.56%

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Ipsen S.A. (IPN.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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