DDM Analysis: PAS.WA

Valuation Snapshot

Stable Growth	$705.81 - $2,203.45	$2,064.96
Multi-Stage	$291.68 - $319.39	$305.28
Blended Fair Value	$1,185.12
Current Price	$91.80
Upside	1,190.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	128.70%	0.00%	3.34	0.00	0.00	0.07	0.05	0.05	0.12	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	40.00%	0.00%	-54.55%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	10.19%	0.00%	0.00%	0.15%	0.09%	0.57%	1.07%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.88
(-) Cash Dividends Paid (M)	3.50
(=) Cash Retained (M)	16.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.98	2.48	1.49
Cash Retained (M)	16.38	16.38	16.38
(-) Cash Required (M)	-3.98	-2.48	-1.49
(=) Excess Retained (M)	12.40	13.89	14.89
(/) Shares Outstanding (M)	1.79	1.79	1.79
(=) Excess Retained per Share	6.91	7.74	8.30
LTM Dividend per Share	1.95	1.95	1.95
(+) Excess Retained per Share	6.91	7.74	8.30
(=) Adjusted Dividend	8.86	9.69	10.25
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$705.81	$2,064.96	$2,203.45
Upside / Downside	668.86%	2,149.41%	2,300.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.88	21.17	22.55	24.01	25.57	27.24	28.05
Payout Ratio	17.62%	32.10%	46.57%	61.05%	75.52%	90.00%	92.50%
Projected Dividends (M)	3.50	6.80	10.50	14.66	19.31	24.51	25.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6.30	6.36	6.42
Year 2 PV (M)	9.03	9.20	9.38
Year 3 PV (M)	11.69	12.03	12.37
Year 4 PV (M)	14.28	14.83	15.40
Year 5 PV (M)	16.81	17.62	18.46
PV of Terminal Value (M)	465.22	487.69	511.02
Equity Value (M)	523.33	547.73	573.04
Shares Outstanding (M)	1.79	1.79	1.79
Fair Value	$291.68	$305.28	$319.39
Upside / Downside	217.73%	232.55%	247.91%

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Passus S.A. (PAS.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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