DDM Analysis: 0N5I.L

Valuation Snapshot

Stable Growth	$320.41 - $377.50	$353.77
Multi-Stage	$122.82 - $134.65	$128.62
Blended Fair Value	$241.20
Current Price	$88.80
Upside	171.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.06%	15.34%	0.94	0.81	0.76	0.61	0.45	0.43	0.39	0.37	0.41	0.32
YoY Growth	-	-	15.64%	6.68%	24.86%	36.62%	4.46%	10.23%	6.37%	-10.70%	28.21%	41.20%
Dividend Yield	-	-	0.97%	0.77%	0.64%	0.33%	0.41%	1.00%	0.75%	0.61%	0.77%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.32
(-) Cash Dividends Paid (M)	6.62
(=) Cash Retained (M)	5.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.46	1.54	0.92
Cash Retained (M)	5.70	5.70	5.70
(-) Cash Required (M)	-2.46	-1.54	-0.92
(=) Excess Retained (M)	3.24	4.16	4.78
(/) Shares Outstanding (M)	6.49	6.49	6.49
(=) Excess Retained per Share	0.50	0.64	0.74
LTM Dividend per Share	1.02	1.02	1.02
(+) Excess Retained per Share	0.50	0.64	0.74
(=) Adjusted Dividend	1.52	1.66	1.76
WACC / Discount Rate	4.63%	4.63%	4.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$320.41	$353.77	$377.50
Upside / Downside	260.82%	298.39%	325.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.32	13.12	13.97	14.88	15.85	16.88	17.38
Payout Ratio	53.71%	60.97%	68.23%	75.49%	82.74%	90.00%	92.50%
Projected Dividends (M)	6.62	8.00	9.53	11.23	13.11	15.19	16.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.63%	4.63%	4.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.57	7.65	7.72
Year 2 PV (M)	8.55	8.71	8.87
Year 3 PV (M)	9.53	9.81	10.08
Year 4 PV (M)	10.54	10.94	11.36
Year 5 PV (M)	11.55	12.11	12.69
PV of Terminal Value (M)	749.36	785.56	823.14
Equity Value (M)	797.10	834.77	873.86
Shares Outstanding (M)	6.49	6.49	6.49
Fair Value	$122.82	$128.62	$134.65
Upside / Downside	38.31%	44.85%	51.63%

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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
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%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
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%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
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%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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adesso SE (0N5I.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener