DDM Analysis: FLS

Valuation Snapshot

Stable Growth	$31.34 - $47.86	$39.07
Multi-Stage	$43.69 - $47.92	$45.76
Blended Fair Value	$42.42
Current Price	$53.14
Upside	-20.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.10%	2.64%	0.84	0.80	0.79	0.79	0.79	0.75	0.75	0.75	0.74	0.71
YoY Growth	-	-	5.23%	0.39%	-0.05%	0.43%	4.62%	0.14%	0.18%	1.52%	4.37%	10.02%
Dividend Yield	-	-	1.71%	1.73%	2.33%	2.21%	2.03%	3.16%	1.62%	1.74%	1.53%	1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	452.78
(-) Cash Dividends Paid (M)	110.26
(=) Cash Retained (M)	342.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.56	56.60	33.96
Cash Retained (M)	342.52	342.52	342.52
(-) Cash Required (M)	-90.56	-56.60	-33.96
(=) Excess Retained (M)	251.96	285.92	308.56
(/) Shares Outstanding (M)	131.97	131.97	131.97
(=) Excess Retained per Share	1.91	2.17	2.34
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	1.91	2.17	2.34
(=) Adjusted Dividend	2.74	3.00	3.17
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	0.28%	1.28%	2.28%
Fair Value	$31.34	$39.07	$47.86
Upside / Downside	-41.02%	-26.47%	-9.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	452.78	458.59	464.47	470.43	476.46	482.57	497.05
Payout Ratio	24.35%	37.48%	50.61%	63.74%	76.87%	90.00%	92.50%
Projected Dividends (M)	110.26	171.89	235.08	299.86	366.26	434.32	459.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	0.28%	1.28%	2.28%
Year 1 PV (M)	156.05	157.60	159.16
Year 2 PV (M)	193.74	197.62	201.55
Year 3 PV (M)	224.35	231.13	238.05
Year 4 PV (M)	248.78	258.85	269.23
Year 5 PV (M)	267.82	281.44	295.61
PV of Terminal Value (M)	4,674.94	4,912.72	5,160.08
Equity Value (M)	5,765.67	6,039.37	6,323.67
Shares Outstanding (M)	131.97	131.97	131.97
Fair Value	$43.69	$45.76	$47.92
Upside / Downside	-17.78%	-13.88%	-9.82%

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Flowserve Corporation (FLS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener