DDM Analysis: CEK.DE

Valuation Snapshot

Stable Growth	$50.14 - $159.82	$149.78
Multi-Stage	$21.26 - $23.26	$22.24
Blended Fair Value	$86.01
Current Price	$14.45
Upside	495.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.15	0.13	0.13	0.11	0.00	0.00	0.00	0.04	0.00	0.00
YoY Growth	-	-	10.00%	0.00%	25.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.01%	2.14%	3.26%	1.98%	0.00%	0.00%	0.00%	2.06%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.99
(-) Cash Dividends Paid (M)	2.08
(=) Cash Retained (M)	3.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.20	0.75	0.45
Cash Retained (M)	3.91	3.91	3.91
(-) Cash Required (M)	-1.20	-0.75	-0.45
(=) Excess Retained (M)	2.71	3.16	3.46
(/) Shares Outstanding (M)	7.45	7.45	7.45
(=) Excess Retained per Share	0.36	0.42	0.46
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.36	0.42	0.46
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$50.14	$149.78	$159.82
Upside / Downside	246.96%	936.51%	1,006.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.99	6.38	6.79	7.23	7.70	8.21	8.45
Payout Ratio	34.71%	45.77%	56.83%	67.89%	78.94%	90.00%	92.50%
Projected Dividends (M)	2.08	2.92	3.86	4.91	6.08	7.38	7.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2.71	2.73	2.76
Year 2 PV (M)	3.32	3.38	3.44
Year 3 PV (M)	3.91	4.03	4.14
Year 4 PV (M)	4.49	4.67	4.84
Year 5 PV (M)	5.06	5.30	5.56
PV of Terminal Value (M)	138.96	145.67	152.64
Equity Value (M)	158.45	165.78	173.38
Shares Outstanding (M)	7.45	7.45	7.45
Fair Value	$21.26	$22.24	$23.26
Upside / Downside	47.13%	53.94%	61.00%

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CeoTronics AG (CEK.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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