DDM Analysis: ALTUR.PA

Valuation Snapshot

Stable Growth	$42.95 - $64.89	$53.29
Multi-Stage	$86.86 - $95.57	$91.13
Blended Fair Value	$72.21
Current Price	$8.50
Upside	749.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	39.97%	0.00%	1.31	0.43	0.10	0.38	0.57	0.24	0.26	0.24	0.00	0.00
YoY Growth	-	-	208.41%	336.43%	-74.04%	-34.60%	135.11%	-6.91%	7.10%	0.00%	0.00%	0.00%
Dividend Yield	-	-	17.53%	7.33%	1.86%	6.26%	10.71%	4.04%	5.33%	5.51%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.42
(-) Cash Dividends Paid (M)	7.58
(=) Cash Retained (M)	12.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.08	2.55	1.53
Cash Retained (M)	12.84	12.84	12.84
(-) Cash Required (M)	-4.08	-2.55	-1.53
(=) Excess Retained (M)	8.76	10.29	11.31
(/) Shares Outstanding (M)	4.08	4.08	4.08
(=) Excess Retained per Share	2.14	2.52	2.77
LTM Dividend per Share	1.86	1.86	1.86
(+) Excess Retained per Share	2.14	2.52	2.77
(=) Adjusted Dividend	4.00	4.37	4.62
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$42.95	$53.29	$64.89
Upside / Downside	405.27%	526.96%	663.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.42	20.22	20.02	19.82	19.62	19.42	20.00
Payout Ratio	37.11%	47.69%	58.27%	68.85%	79.42%	90.00%	92.50%
Projected Dividends (M)	7.58	9.64	11.66	13.64	15.58	17.48	18.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8.91	9.00	9.09
Year 2 PV (M)	9.96	10.16	10.37
Year 3 PV (M)	10.76	11.10	11.44
Year 4 PV (M)	11.36	11.83	12.32
Year 5 PV (M)	11.78	12.39	13.03
PV of Terminal Value (M)	302.04	317.77	334.15
Equity Value (M)	354.81	372.25	390.39
Shares Outstanding (M)	4.08	4.08	4.08
Fair Value	$86.86	$91.13	$95.57
Upside / Downside	921.93%	972.16%	1,024.40%

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Financial Statements

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Altur Investissement SCA, SCR (ALTUR.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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