DDM Analysis: VH2.DE

Valuation Snapshot

Stable Growth	$26.72 - $39.06	$32.68
Multi-Stage	$45.07 - $49.61	$47.30
Blended Fair Value	$39.99
Current Price	$81.50
Upside	-50.93%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-21.16%	0.00%	0.12	0.12	0.20	1.25	0.62	0.39	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-40.00%	-84.07%	101.82%	57.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.25%	0.78%	2.04%	3.30%	1.23%	0.82%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.80
(-) Cash Dividends Paid (M)	6.00
(=) Cash Retained (M)	64.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.16	8.85	5.31
Cash Retained (M)	64.80	64.80	64.80
(-) Cash Required (M)	-14.16	-8.85	-5.31
(=) Excess Retained (M)	50.64	55.95	59.49
(/) Shares Outstanding (M)	20.03	20.03	20.03
(=) Excess Retained per Share	2.53	2.79	2.97
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	2.53	2.79	2.97
(=) Adjusted Dividend	2.83	3.09	3.27
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.72	$32.68	$39.06
Upside / Downside	-67.21%	-59.90%	-52.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.80	70.09	69.39	68.70	68.01	67.33	69.35
Payout Ratio	8.47%	24.78%	41.08%	57.39%	73.69%	90.00%	92.50%
Projected Dividends (M)	6.00	17.37	28.51	39.43	50.12	60.60	64.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.87	16.03	16.19
Year 2 PV (M)	23.79	24.28	24.77
Year 3 PV (M)	30.05	30.98	31.93
Year 4 PV (M)	34.89	36.34	37.83
Year 5 PV (M)	38.54	40.54	42.63
PV of Terminal Value (M)	759.69	799.25	840.44
Equity Value (M)	902.83	947.42	993.79
Shares Outstanding (M)	20.03	20.03	20.03
Fair Value	$45.07	$47.30	$49.61
Upside / Downside	-44.70%	-41.96%	-39.12%

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Friedrich Vorwerk Group SE (VH2.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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