DDM Analysis: FSS

Valuation Snapshot

Stable Growth	$103.44 - $338.88	$168.01
Multi-Stage	$66.36 - $72.57	$69.41
Blended Fair Value	$118.71
Current Price	$118.99
Upside	-0.24%
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	8.71%	18.00%	0.48	0.39	0.35	0.36	0.31	0.31	0.30	0.27	0.27	0.25
YoY Growth	-	-	23.11%	9.17%	-0.91%	13.40%	0.52%	3.21%	11.31%	-0.59%	8.33%	178.57%
Dividend Yield	-	-	0.65%	0.45%	0.65%	1.06%	0.82%	1.15%	1.15%	1.24%	1.99%	1.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235.80
(-) Cash Dividends Paid (M)	32.90
(=) Cash Retained (M)	202.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.16	29.48	17.69
Cash Retained (M)	202.90	202.90	202.90
(-) Cash Required (M)	-47.16	-29.48	-17.69
(=) Excess Retained (M)	155.74	173.43	185.22
(/) Shares Outstanding (M)	61.60	61.60	61.60
(=) Excess Retained per Share	2.53	2.82	3.01
LTM Dividend per Share	0.53	0.53	0.53
(+) Excess Retained per Share	2.53	2.82	3.01
(=) Adjusted Dividend	3.06	3.35	3.54
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$103.44	$168.01	$338.88
Upside / Downside	-13.07%	41.19%	184.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235.80	251.13	267.45	284.83	303.35	323.07	332.76
Payout Ratio	13.95%	29.16%	44.37%	59.58%	74.79%	90.00%	92.50%
Projected Dividends (M)	32.90	73.23	118.67	169.71	226.88	290.76	307.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	66.79	67.42	68.05
Year 2 PV (M)	98.70	100.58	102.48
Year 3 PV (M)	128.72	132.41	136.18
Year 4 PV (M)	156.93	162.97	169.17
Year 5 PV (M)	183.42	192.27	201.47
PV of Terminal Value (M)	3,452.92	3,619.70	3,792.86
Equity Value (M)	4,087.47	4,275.35	4,470.21
Shares Outstanding (M)	61.60	61.60	61.60
Fair Value	$66.36	$69.41	$72.57
Upside / Downside	-44.23%	-41.67%	-39.01%

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Federal Signal Corporation (FSS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener