DDM Analysis: TCM.CO

Valuation Snapshot

Stable Growth	$59.50 - $91.99	$74.58
Multi-Stage	$135.16 - $148.78	$141.83
Blended Fair Value	$108.20
Current Price	$73.60
Upside	47.02%
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%	0.00%	0.00	0.00	5.20	12.44	0.00	4.54	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-58.15%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	7.77%	9.87%	0.00%	4.95%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.00
(-) Cash Dividends Paid (M)	31.00
(=) Cash Retained (M)	36.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.40	8.38	5.03
Cash Retained (M)	36.00	36.00	36.00
(-) Cash Required (M)	-13.40	-8.38	-5.03
(=) Excess Retained (M)	22.60	27.63	30.98
(/) Shares Outstanding (M)	10.45	10.45	10.45
(=) Excess Retained per Share	2.16	2.64	2.96
LTM Dividend per Share	2.97	2.97	2.97
(+) Excess Retained per Share	2.16	2.64	2.96
(=) Adjusted Dividend	5.13	5.61	5.93
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$59.50	$74.58	$91.99
Upside / Downside	-19.15%	1.33%	24.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.00	66.33	65.67	65.01	64.36	63.72	65.63
Payout Ratio	46.27%	55.01%	63.76%	72.51%	81.25%	90.00%	92.50%
Projected Dividends (M)	31.00	36.49	41.87	47.14	52.29	57.34	60.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	33.94	34.28	34.63
Year 2 PV (M)	36.21	36.95	37.70
Year 3 PV (M)	37.91	39.08	40.28
Year 4 PV (M)	39.11	40.73	42.41
Year 5 PV (M)	39.89	41.96	44.13
PV of Terminal Value (M)	1,225.86	1,289.69	1,356.15
Equity Value (M)	1,412.91	1,482.71	1,555.30
Shares Outstanding (M)	10.45	10.45	10.45
Fair Value	$135.16	$141.83	$148.78
Upside / Downside	83.64%	92.71%	102.14%

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TCM Group A/S (TCM.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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