DDM Analysis: VWSB.DE

Valuation Snapshot

Stable Growth	$8.38 - $12.78	$10.44
Multi-Stage	$10.89 - $11.95	$11.41
Blended Fair Value	$10.92
Current Price	$16.15
Upside	-32.36%
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	0.00%	0.00%	0.00	0.00	0.05	0.22	0.21	0.19	0.24	0.27	0.20	0.11
YoY Growth	-	-	0.00%	-100.00%	-78.13%	8.93%	6.34%	-21.27%	-10.07%	38.31%	73.28%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.18%	0.83%	0.59%	1.27%	1.58%	2.35%	1.30%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	937.00
(-) Cash Dividends Paid (M)	74.01
(=) Cash Retained (M)	862.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	187.40	117.13	70.28
Cash Retained (M)	862.99	862.99	862.99
(-) Cash Required (M)	-187.40	-117.13	-70.28
(=) Excess Retained (M)	675.59	745.87	792.72
(/) Shares Outstanding (M)	1,020.47	1,020.47	1,020.47
(=) Excess Retained per Share	0.66	0.73	0.78
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.66	0.73	0.78
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	0.61%	1.61%	2.61%
Fair Value	$8.38	$10.44	$12.78
Upside / Downside	-48.11%	-35.35%	-20.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	937.00	952.13	967.51	983.13	999.00	1,015.14	1,045.59
Payout Ratio	7.90%	24.32%	40.74%	57.16%	73.58%	90.00%	92.50%
Projected Dividends (M)	74.01	231.55	394.15	561.95	735.06	913.62	967.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	0.61%	1.61%	2.61%
Year 1 PV (M)	209.50	211.59	213.67
Year 2 PV (M)	322.68	329.12	335.63
Year 3 PV (M)	416.25	428.78	441.57
Year 4 PV (M)	492.64	512.52	532.99
Year 5 PV (M)	554.02	582.10	611.31
PV of Terminal Value (M)	9,114.91	9,576.97	10,057.57
Equity Value (M)	11,110.00	11,641.08	12,192.75
Shares Outstanding (M)	1,020.47	1,020.47	1,020.47
Fair Value	$10.89	$11.41	$11.95
Upside / Downside	-32.59%	-29.36%	-26.02%

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Vestas Wind Systems A/S (VWSB.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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