DDM Analysis: R3NK.BE

Valuation Snapshot

Stable Growth	$8.95 - $13.64	$11.15
Multi-Stage	$18.86 - $20.75	$19.78
Blended Fair Value	$15.47
Current Price	$87.61
Upside	-82.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	101.45
(-) Cash Dividends Paid (M)	42.02
(=) Cash Retained (M)	59.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.29	12.68	7.61
Cash Retained (M)	59.42	59.42	59.42
(-) Cash Required (M)	-20.29	-12.68	-7.61
(=) Excess Retained (M)	39.13	46.74	51.82
(/) Shares Outstanding (M)	100.03	100.03	100.03
(=) Excess Retained per Share	0.39	0.47	0.52
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.39	0.47	0.52
(=) Adjusted Dividend	0.81	0.89	0.94
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.95	$11.15	$13.64
Upside / Downside	-89.78%	-87.27%	-84.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	101.45	100.43	99.43	98.43	97.45	96.47	99.37
Payout Ratio	41.42%	51.14%	60.85%	70.57%	80.28%	90.00%	92.50%
Projected Dividends (M)	42.02	51.36	60.51	69.46	78.24	86.83	91.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	47.57	48.05	48.54
Year 2 PV (M)	51.90	52.97	54.04
Year 3 PV (M)	55.19	56.89	58.64
Year 4 PV (M)	57.57	59.96	62.42
Year 5 PV (M)	59.17	62.26	65.46
PV of Terminal Value (M)	1,614.78	1,698.86	1,786.41
Equity Value (M)	1,886.18	1,978.99	2,075.51
Shares Outstanding (M)	100.03	100.03	100.03
Fair Value	$18.86	$19.78	$20.75
Upside / Downside	-78.48%	-77.42%	-76.32%

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RENK Group AG (R3NK.BE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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