DDM Analysis: HEIJM.AS

Valuation Snapshot

Stable Growth	$653.04 - $1,415.29	$1,326.34
Multi-Stage	$213.53 - $233.74	$223.45
Blended Fair Value	$774.89
Current Price	$54.95
Upside	1,310.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	21.02%	0.40	0.48	0.38	0.28	0.00	0.00	0.00	0.00	0.00	0.86
YoY Growth	-	-	-16.95%	26.74%	31.92%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	1,362.43%
Dividend Yield	-	-	1.25%	3.93%	3.71%	1.91%	0.00%	0.00%	0.00%	0.00%	0.00%	10.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	190.73
(-) Cash Dividends Paid (M)	69.16
(=) Cash Retained (M)	121.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.15	23.84	14.30
Cash Retained (M)	121.57	121.57	121.57
(-) Cash Required (M)	-38.15	-23.84	-14.30
(=) Excess Retained (M)	83.42	97.73	107.26
(/) Shares Outstanding (M)	26.80	26.80	26.80
(=) Excess Retained per Share	3.11	3.65	4.00
LTM Dividend per Share	2.58	2.58	2.58
(+) Excess Retained per Share	3.11	3.65	4.00
(=) Adjusted Dividend	5.69	6.23	6.58
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$653.04	$1,326.34	$1,415.29
Upside / Downside	1,088.42%	2,313.72%	2,475.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	190.73	203.13	216.33	230.40	245.37	261.32	269.16
Payout Ratio	36.26%	47.01%	57.76%	68.50%	79.25%	90.00%	92.50%
Projected Dividends (M)	69.16	95.49	124.95	157.83	194.46	235.19	248.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	88.89	89.73	90.57
Year 2 PV (M)	108.27	110.33	112.41
Year 3 PV (M)	127.30	130.96	134.68
Year 4 PV (M)	146.00	151.62	157.39
Year 5 PV (M)	164.37	172.31	180.55
PV of Terminal Value (M)	5,088.16	5,333.92	5,589.09
Equity Value (M)	5,722.99	5,988.86	6,264.69
Shares Outstanding (M)	26.80	26.80	26.80
Fair Value	$213.53	$223.45	$233.74
Upside / Downside	288.59%	306.65%	325.38%

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Koninklijke Heijmans N.V. (HEIJM.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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