DDM Analysis: SIM.CO

Valuation Snapshot

Stable Growth	$56.81 - $139.46	$84.76
Multi-Stage	$40.50 - $44.20	$42.32
Blended Fair Value	$63.54
Current Price	$97.03
Upside	-34.51%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	3.69%	8.72%	1.00	1.01	1.00	0.90	0.87	0.84	0.72	0.62	0.56	0.51
YoY Growth	-	-	-0.62%	0.52%	11.14%	4.17%	3.64%	16.82%	16.33%	10.51%	10.23%	16.29%
Dividend Yield	-	-	1.44%	1.51%	0.95%	1.18%	1.03%	1.52%	1.27%	1.52%	1.83%	1.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	102.82
(-) Cash Dividends Paid (M)	39.91
(=) Cash Retained (M)	62.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.56	12.85	7.71
Cash Retained (M)	62.91	62.91	62.91
(-) Cash Required (M)	-20.56	-12.85	-7.71
(=) Excess Retained (M)	42.35	50.06	55.20
(/) Shares Outstanding (M)	39.73	39.73	39.73
(=) Excess Retained per Share	1.07	1.26	1.39
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	1.07	1.26	1.39
(=) Adjusted Dividend	2.07	2.26	2.39
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.81	$84.76	$139.46
Upside / Downside	-41.45%	-12.64%	43.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	102.82	109.50	116.62	124.20	132.27	140.87	145.10
Payout Ratio	38.81%	49.05%	59.29%	69.52%	79.76%	90.00%	92.50%
Projected Dividends (M)	39.91	53.71	69.14	86.35	105.50	126.78	134.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	48.66	49.12	49.58
Year 2 PV (M)	56.75	57.83	58.92
Year 3 PV (M)	64.20	66.05	67.93
Year 4 PV (M)	71.07	73.80	76.61
Year 5 PV (M)	77.37	81.11	84.99
PV of Terminal Value (M)	1,290.76	1,353.11	1,417.84
Equity Value (M)	1,608.81	1,681.01	1,755.86
Shares Outstanding (M)	39.73	39.73	39.73
Fair Value	$40.50	$42.32	$44.20
Upside / Downside	-58.26%	-56.39%	-54.45%

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SimCorp A/S (SIM.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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