DDM Analysis: TNSE.ME

Valuation Snapshot

Stable Growth	$4,005.07 - $5,074.38	$4,583.37
Multi-Stage	$7,158.55 - $8,028.17	$7,582.99
Blended Fair Value	$6,083.18
Current Price	$2,400.00
Upside	153.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	87.78%	-14.61%	61.86	6.83	0.00	0.11	1.13	2.65	13.79	36.51	269.59	57.63
YoY Growth	-	-	805.54%	0.00%	-100.00%	-90.08%	-57.22%	-80.79%	-62.22%	-86.46%	367.80%	-80.81%
Dividend Yield	-	-	0.00%	0.20%	0.00%	0.01%	0.11%	0.26%	1.14%	2.88%	17.74%	3.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,691.31
(-) Cash Dividends Paid (M)	98.80
(=) Cash Retained (M)	20,592.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,138.26	2,586.41	1,551.85
Cash Retained (M)	20,592.50	20,592.50	20,592.50
(-) Cash Required (M)	-4,138.26	-2,586.41	-1,551.85
(=) Excess Retained (M)	16,454.24	18,006.09	19,040.65
(/) Shares Outstanding (M)	10.38	10.38	10.38
(=) Excess Retained per Share	1,584.81	1,734.27	1,833.92
LTM Dividend per Share	9.52	9.52	9.52
(+) Excess Retained per Share	1,584.81	1,734.27	1,833.92
(=) Adjusted Dividend	1,594.32	1,743.79	1,843.43
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	-21.64%	-20.64%	-19.64%
Fair Value	$4,005.07	$4,583.37	$5,074.38
Upside / Downside	66.88%	90.97%	111.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,691.31	16,421.51	13,032.82	10,343.41	8,208.97	6,514.99	6,710.44
Payout Ratio	0.48%	18.38%	36.29%	54.19%	72.10%	90.00%	92.50%
Projected Dividends (M)	98.80	3,018.60	4,729.15	5,605.20	5,918.30	5,863.49	6,207.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	-21.64%	-20.64%	-19.64%
Year 1 PV (M)	2,720.51	2,755.23	2,789.94
Year 2 PV (M)	3,841.24	3,939.90	4,039.81
Year 3 PV (M)	4,103.20	4,262.30	4,425.45
Year 4 PV (M)	3,904.57	4,107.72	4,318.70
Year 5 PV (M)	3,486.40	3,714.59	3,954.59
PV of Terminal Value (M)	56,267.72	59,950.66	63,823.98
Equity Value (M)	74,323.64	78,730.40	83,352.47
Shares Outstanding (M)	10.38	10.38	10.38
Fair Value	$7,158.55	$7,582.99	$8,028.17
Upside / Downside	198.27%	215.96%	234.51%

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PJSC Group of Companies TNS energo (TNSE.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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