DDM Analysis: SESL.PA

Valuation Snapshot

Stable Growth	$93.06 - $407.56	$162.00
Multi-Stage	$278.23 - $307.53	$292.58
Blended Fair Value	$227.29
Current Price	$144.20
Upside	57.62%
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%	0.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.21%	0.00%	0.00%	0.00%	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)	52.01
(-) Cash Dividends Paid (M)	4.77
(=) Cash Retained (M)	47.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.40	6.50	3.90
Cash Retained (M)	47.24	47.24	47.24
(-) Cash Required (M)	-10.40	-6.50	-3.90
(=) Excess Retained (M)	36.84	40.74	43.34
(/) Shares Outstanding (M)	16.01	16.01	16.01
(=) Excess Retained per Share	2.30	2.54	2.71
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	2.30	2.54	2.71
(=) Adjusted Dividend	2.60	2.84	3.01
WACC / Discount Rate	0.74%	0.74%	0.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$93.06	$162.00	$407.56
Upside / Downside	-35.47%	12.34%	182.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52.01	51.49	50.97	50.46	49.96	49.46	50.94
Payout Ratio	9.17%	25.34%	41.50%	57.67%	73.83%	90.00%	92.50%
Projected Dividends (M)	4.77	13.05	21.16	29.10	36.89	44.51	47.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.74%	0.74%	0.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.82	12.95	13.08
Year 2 PV (M)	20.43	20.85	21.27
Year 3 PV (M)	27.61	28.47	29.34
Year 4 PV (M)	34.39	35.82	37.29
Year 5 PV (M)	40.78	42.91	45.12
PV of Terminal Value (M)	4,317.43	4,542.25	4,776.33
Equity Value (M)	4,453.47	4,683.24	4,922.43
Shares Outstanding (M)	16.01	16.01	16.01
Fair Value	$278.23	$292.58	$307.53
Upside / Downside	92.95%	102.90%	113.26%

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SES-imagotag S.A. (SESL.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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