DDM Analysis: 0NZY.L

Valuation Snapshot

Stable Growth	$11.97 - $32.00	$18.35
Multi-Stage	$8.19 - $8.95	$8.57
Blended Fair Value	$13.46
Current Price	$17.82
Upside	-24.48%
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	-29.95%	-10.54%	0.01	0.13	0.13	0.12	0.11	0.08	0.05	0.04	0.04	0.04
YoY Growth	-	-	-89.99%	0.23%	11.36%	6.54%	41.67%	49.53%	18.37%	9.99%	0.00%	0.00%
Dividend Yield	-	-	0.07%	1.08%	0.96%	0.61%	0.49%	0.66%	0.79%	1.54%	1.81%	2.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.75
(-) Cash Dividends Paid (M)	10.43
(=) Cash Retained (M)	29.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.95	4.97	2.98
Cash Retained (M)	29.33	29.33	29.33
(-) Cash Required (M)	-7.95	-4.97	-2.98
(=) Excess Retained (M)	21.37	24.36	26.34
(/) Shares Outstanding (M)	78.36	78.36	78.36
(=) Excess Retained per Share	0.27	0.31	0.34
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.27	0.31	0.34
(=) Adjusted Dividend	0.41	0.44	0.47
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.97	$18.35	$32.00
Upside / Downside	-32.82%	2.96%	79.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.75	42.34	45.09	48.02	51.14	54.47	56.10
Payout Ratio	26.23%	38.99%	51.74%	64.49%	77.25%	90.00%	92.50%
Projected Dividends (M)	10.43	16.51	23.33	30.97	39.50	49.02	51.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.99	15.13	15.27
Year 2 PV (M)	19.24	19.61	19.98
Year 3 PV (M)	23.20	23.86	24.54
Year 4 PV (M)	26.87	27.91	28.97
Year 5 PV (M)	30.28	31.75	33.27
PV of Terminal Value (M)	527.59	553.08	579.54
Equity Value (M)	642.18	671.33	701.57
Shares Outstanding (M)	78.36	78.36	78.36
Fair Value	$8.19	$8.57	$8.95
Upside / Downside	-54.01%	-51.93%	-49.76%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
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0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Eckert & Ziegler Strahlen- und Medizintechnik AG (0NZY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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