DDM Analysis: 0ZPV.L

Valuation Snapshot

Stable Growth	$33.75 - $95.25	$52.59
Multi-Stage	$34.92 - $38.30	$36.57
Blended Fair Value	$44.58
Current Price	$30.64
Upside	45.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	5.24%	0.30	0.25	0.25	0.13	0.35	0.30	0.25	0.22	0.20	0.20
YoY Growth	-	-	19.99%	0.00%	92.31%	-62.86%	16.67%	19.99%	13.64%	10.00%	0.00%	11.10%
Dividend Yield	-	-	0.98%	0.79%	0.90%	0.51%	2.33%	0.89%	0.87%	0.95%	1.44%	1.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.33
(-) Cash Dividends Paid (M)	20.03
(=) Cash Retained (M)	60.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.07	10.04	6.02
Cash Retained (M)	60.30	60.30	60.30
(-) Cash Required (M)	-16.07	-10.04	-6.02
(=) Excess Retained (M)	44.23	50.26	54.27
(/) Shares Outstanding (M)	57.23	57.23	57.23
(=) Excess Retained per Share	0.77	0.88	0.95
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.77	0.88	0.95
(=) Adjusted Dividend	1.12	1.23	1.30
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.24%	4.24%	5.24%
Fair Value	$33.75	$52.59	$95.25
Upside / Downside	10.17%	71.63%	210.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.33	83.74	87.29	90.99	94.85	98.87	101.84
Payout Ratio	24.94%	37.95%	50.96%	63.98%	76.99%	90.00%	92.50%
Projected Dividends (M)	20.03	31.78	44.48	58.21	73.02	88.98	94.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.24%	4.24%	5.24%
Year 1 PV (M)	29.50	29.79	30.08
Year 2 PV (M)	38.34	39.09	39.84
Year 3 PV (M)	46.59	47.95	49.35
Year 4 PV (M)	54.26	56.39	58.58
Year 5 PV (M)	61.38	64.42	67.56
PV of Terminal Value (M)	1,768.17	1,855.48	1,946.21
Equity Value (M)	1,998.25	2,093.12	2,191.62
Shares Outstanding (M)	57.23	57.23	57.23
Fair Value	$34.92	$36.57	$38.30
Upside / Downside	13.96%	19.37%	24.99%

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Jenoptik AG (0ZPV.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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