DDM Analysis: THEP.PA

Valuation Snapshot

Stable Growth	$333.53 - $1,620.92	$715.06
Multi-Stage	$229.56 - $251.47	$240.31
Blended Fair Value	$477.69
Current Price	$73.70
Upside	548.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.72%	7.99%	1.98	1.98	1.90	1.73	1.69	1.65	1.60	1.00	1.00	1.15
YoY Growth	-	-	0.03%	4.00%	9.87%	2.11%	2.87%	2.93%	60.84%	-0.64%	-12.70%	25.11%
Dividend Yield	-	-	2.74%	2.37%	2.21%	1.70%	2.65%	3.11%	3.60%	1.72%	2.40%	2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.65
(-) Cash Dividends Paid (M)	28.68
(=) Cash Retained (M)	50.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.93	9.96	5.97
Cash Retained (M)	50.97	50.97	50.97
(-) Cash Required (M)	-15.93	-9.96	-5.97
(=) Excess Retained (M)	35.04	41.02	45.00
(/) Shares Outstanding (M)	9.68	9.68	9.68
(=) Excess Retained per Share	3.62	4.24	4.65
LTM Dividend per Share	2.96	2.96	2.96
(+) Excess Retained per Share	3.62	4.24	4.65
(=) Adjusted Dividend	6.59	7.20	7.61
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.44%	5.44%	6.44%
Fair Value	$333.53	$715.06	$1,620.92
Upside / Downside	352.55%	870.23%	2,099.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.65	83.98	88.55	93.37	98.44	103.80	106.91
Payout Ratio	36.00%	46.80%	57.60%	68.40%	79.20%	90.00%	92.50%
Projected Dividends (M)	28.68	39.30	51.01	63.86	77.97	93.42	98.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.44%	5.44%	6.44%
Year 1 PV (M)	36.56	36.91	37.26
Year 2 PV (M)	44.12	44.97	45.83
Year 3 PV (M)	51.38	52.87	54.39
Year 4 PV (M)	58.34	60.60	62.94
Year 5 PV (M)	65.01	68.18	71.48
PV of Terminal Value (M)	1,965.82	2,061.75	2,161.39
Equity Value (M)	2,221.21	2,325.28	2,433.27
Shares Outstanding (M)	9.68	9.68	9.68
Fair Value	$229.56	$240.31	$251.47
Upside / Downside	211.48%	226.07%	241.21%

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Thermador Groupe S.A. (THEP.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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