DDM Analysis: VIH1.DE

Valuation Snapshot

Stable Growth	$33.25 - $93.43	$51.74
Multi-Stage	$46.70 - $51.35	$48.98
Blended Fair Value	$50.36
Current Price	$7.08
Upside	611.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-40.63%	-18.86%	0.04	0.00	0.37	0.49	0.58	0.54	0.53	0.48	0.42	0.37
YoY Growth	-	-	0.00%	-100.00%	-24.03%	-15.65%	7.69%	3.05%	9.33%	14.66%	13.48%	14.47%
Dividend Yield	-	-	0.44%	0.00%	2.15%	1.35%	2.00%	2.38%	2.14%	2.20%	1.97%	2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.33
(-) Cash Dividends Paid (M)	1.32
(=) Cash Retained (M)	45.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.27	5.79	3.48
Cash Retained (M)	45.01	45.01	45.01
(-) Cash Required (M)	-9.27	-5.79	-3.48
(=) Excess Retained (M)	35.74	39.22	41.54
(/) Shares Outstanding (M)	33.05	33.05	33.05
(=) Excess Retained per Share	1.08	1.19	1.26
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	1.08	1.19	1.26
(=) Adjusted Dividend	1.12	1.23	1.30
WACC / Discount Rate	5.61%	5.61%	5.61%
Growth Rate	2.17%	3.17%	4.17%
Fair Value	$33.25	$51.74	$93.43
Upside / Downside	369.66%	630.82%	1,219.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.33	47.80	49.32	50.88	52.49	54.16	55.78
Payout Ratio	2.85%	20.28%	37.71%	55.14%	72.57%	90.00%	92.50%
Projected Dividends (M)	1.32	9.70	18.60	28.06	38.09	48.74	51.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.61%	5.61%	5.61%
Growth Rate	2.17%	3.17%	4.17%
Year 1 PV (M)	9.09	9.18	9.27
Year 2 PV (M)	16.35	16.67	17.00
Year 3 PV (M)	23.13	23.81	24.51
Year 4 PV (M)	29.45	30.62	31.82
Year 5 PV (M)	35.33	37.09	38.92
PV of Terminal Value (M)	1,430.25	1,501.63	1,575.83
Equity Value (M)	1,543.60	1,619.01	1,697.35
Shares Outstanding (M)	33.05	33.05	33.05
Fair Value	$46.70	$48.98	$51.35
Upside / Downside	559.58%	591.80%	625.28%

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VIB Vermögen AG (VIH1.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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