DDM Analysis: GRMN

Valuation Snapshot

Stable Growth	$582.60 - $1,613.69	$1,512.26
Multi-Stage	$226.45 - $247.78	$236.92
Blended Fair Value	$874.59
Current Price	$240.48
Upside	263.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.52%	4.74%	2.96	2.89	3.51	2.54	2.33	2.16	1.53	1.98	2.49	1.95
YoY Growth	-	-	2.43%	-17.72%	38.18%	9.06%	8.00%	40.90%	-22.67%	-20.45%	27.33%	5.01%
Dividend Yield	-	-	1.38%	1.94%	3.48%	2.18%	1.81%	2.93%	1.77%	3.36%	4.87%	5.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,570.94
(-) Cash Dividends Paid (M)	634.90
(=) Cash Retained (M)	936.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	314.19	196.37	117.82
Cash Retained (M)	936.04	936.04	936.04
(-) Cash Required (M)	-314.19	-196.37	-117.82
(=) Excess Retained (M)	621.85	739.67	818.22
(/) Shares Outstanding (M)	193.61	193.61	193.61
(=) Excess Retained per Share	3.21	3.82	4.23
LTM Dividend per Share	3.28	3.28	3.28
(+) Excess Retained per Share	3.21	3.82	4.23
(=) Adjusted Dividend	6.49	7.10	7.51
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$582.60	$1,512.26	$1,613.69
Upside / Downside	142.26%	528.85%	571.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,570.94	1,673.05	1,781.80	1,897.62	2,020.96	2,152.32	2,216.89
Payout Ratio	40.42%	50.33%	60.25%	70.17%	80.08%	90.00%	92.50%
Projected Dividends (M)	634.90	842.08	1,073.52	1,331.48	1,618.45	1,937.09	2,050.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	781.98	789.39	796.80
Year 2 PV (M)	925.73	943.37	961.17
Year 3 PV (M)	1,066.23	1,096.84	1,128.02
Year 4 PV (M)	1,203.51	1,249.80	1,297.40
Year 5 PV (M)	1,337.65	1,402.25	1,469.34
PV of Terminal Value (M)	38,526.86	40,387.73	42,319.81
Equity Value (M)	43,841.97	45,869.37	47,972.54
Shares Outstanding (M)	193.61	193.61	193.61
Fair Value	$226.45	$236.92	$247.78
Upside / Downside	-5.83%	-1.48%	3.04%

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Garmin Ltd. (GRMN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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