DDM Analysis: AAG.DE

Valuation Snapshot

Stable Growth	$20.26 - $41.15	$28.32
Multi-Stage	$28.50 - $31.31	$29.88
Blended Fair Value	$29.10
Current Price	$12.82
Upside	127.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.22%	-1.97%	0.21	0.11	0.11	0.00	0.00	0.22	0.22	0.33	0.33	0.18
YoY Growth	-	-	92.55%	-2.30%	0.00%	0.00%	-100.00%	0.00%	-32.22%	0.00%	80.00%	-28.57%
Dividend Yield	-	-	1.76%	0.62%	0.74%	0.00%	0.00%	2.99%	0.77%	0.64%	0.61%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.25
(-) Cash Dividends Paid (M)	2.84
(=) Cash Retained (M)	13.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.25	2.03	1.22
Cash Retained (M)	13.41	13.41	13.41
(-) Cash Required (M)	-3.25	-2.03	-1.22
(=) Excess Retained (M)	10.16	11.38	12.19
(/) Shares Outstanding (M)	13.70	13.70	13.70
(=) Excess Retained per Share	0.74	0.83	0.89
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.74	0.83	0.89
(=) Adjusted Dividend	0.95	1.04	1.10
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Fair Value	$20.26	$28.32	$41.15
Upside / Downside	58.06%	120.91%	220.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.25	16.70	17.17	17.64	18.13	18.63	19.19
Payout Ratio	17.47%	31.98%	46.48%	60.99%	75.49%	90.00%	92.50%
Projected Dividends (M)	2.84	5.34	7.98	10.76	13.69	16.77	17.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Year 1 PV (M)	4.96	5.01	5.06
Year 2 PV (M)	6.89	7.03	7.17
Year 3 PV (M)	8.64	8.90	9.16
Year 4 PV (M)	10.22	10.62	11.04
Year 5 PV (M)	11.63	12.22	12.82
PV of Terminal Value (M)	348.01	365.45	383.58
Equity Value (M)	390.36	409.23	428.84
Shares Outstanding (M)	13.70	13.70	13.70
Fair Value	$28.50	$29.88	$31.31
Upside / Downside	122.34%	133.08%	144.25%

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Aumann AG (AAG.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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