DDM Analysis: MTRN

Valuation Snapshot

Stable Growth	$11.15 - $18.56	$14.42
Multi-Stage	$12.42 - $13.55	$12.98
Blended Fair Value	$13.70
Current Price	$119.43
Upside	-88.53%
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	4.60%	4.91%	0.53	0.51	0.49	0.46	0.44	0.42	0.40	0.38	0.36	0.34
YoY Growth	-	-	4.39%	4.54%	4.77%	4.75%	4.53%	5.57%	6.02%	5.56%	5.10%	3.89%
Dividend Yield	-	-	0.64%	0.39%	0.42%	0.53%	0.65%	1.20%	0.70%	0.74%	1.07%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.40
(-) Cash Dividends Paid (M)	11.40
(=) Cash Retained (M)	8.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.88	2.42	1.45
Cash Retained (M)	8.00	8.00	8.00
(-) Cash Required (M)	-3.88	-2.42	-1.45
(=) Excess Retained (M)	4.12	5.57	6.54
(/) Shares Outstanding (M)	20.90	20.90	20.90
(=) Excess Retained per Share	0.20	0.27	0.31
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	0.20	0.27	0.31
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	2.91%	3.91%	4.91%
Fair Value	$11.15	$14.42	$18.56
Upside / Downside	-90.66%	-87.93%	-84.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.40	20.16	20.95	21.76	22.62	23.50	24.21
Payout Ratio	58.77%	65.01%	71.26%	77.51%	83.75%	90.00%	92.50%
Projected Dividends (M)	11.40	13.10	14.93	16.87	18.94	21.15	22.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	2.91%	3.91%	4.91%
Year 1 PV (M)	11.82	11.94	12.05
Year 2 PV (M)	12.15	12.39	12.63
Year 3 PV (M)	12.39	12.76	13.13
Year 4 PV (M)	12.55	13.05	13.56
Year 5 PV (M)	12.65	13.27	13.93
PV of Terminal Value (M)	197.98	207.79	217.98
Equity Value (M)	259.55	271.20	283.28
Shares Outstanding (M)	20.90	20.90	20.90
Fair Value	$12.42	$12.98	$13.55
Upside / Downside	-89.60%	-89.14%	-88.65%

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Materion Corporation (MTRN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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