DDM Analysis: PAP.AT

Valuation Snapshot

Stable Growth	$6.83 - $27.51	$11.67
Multi-Stage	$4.20 - $4.60	$4.40
Blended Fair Value	$8.03
Current Price	$2.94
Upside	173.27%
Decision	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%	0.08	0.02	0.05	0.07	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	286.84%	-62.49%	-23.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.02%	0.82%	2.27%	2.61%	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)	6.16
(-) Cash Dividends Paid (M)	0.82
(=) Cash Retained (M)	5.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.23	0.77	0.46
Cash Retained (M)	5.33	5.33	5.33
(-) Cash Required (M)	-1.23	-0.77	-0.46
(=) Excess Retained (M)	4.10	4.56	4.87
(/) Shares Outstanding (M)	26.91	26.91	26.91
(=) Excess Retained per Share	0.15	0.17	0.18
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.15	0.17	0.18
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.83	$11.67	$27.51
Upside / Downside	132.35%	296.94%	835.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6.16	6.56	6.98	7.44	7.92	8.44	8.69
Payout Ratio	13.39%	28.71%	44.03%	59.35%	74.68%	90.00%	92.50%
Projected Dividends (M)	0.82	1.88	3.08	4.41	5.92	7.59	8.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1.72	1.74	1.75
Year 2 PV (M)	2.57	2.62	2.67
Year 3 PV (M)	3.38	3.47	3.57
Year 4 PV (M)	4.14	4.30	4.46
Year 5 PV (M)	4.86	5.09	5.33
PV of Terminal Value (M)	96.49	101.15	105.98
Equity Value (M)	113.15	118.36	123.77
Shares Outstanding (M)	26.91	26.91	26.91
Fair Value	$4.20	$4.40	$4.60
Upside / Downside	43.02%	49.61%	56.45%

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Papoutsanis S.A. (PAP.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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