DDM Analysis: ACKB.BR

Valuation Snapshot

Stable Growth	$2,011.41 - $5,822.26	$5,456.16
Multi-Stage	$861.79 - $943.97	$902.12
Blended Fair Value	$3,179.14
Current Price	$217.00
Upside	1,365.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.72%	7.04%	3.40	3.13	2.78	2.38	2.35	2.34	2.23	2.07	1.98	1.84
YoY Growth	-	-	8.57%	12.54%	16.94%	1.40%	0.09%	5.10%	7.96%	4.09%	7.65%	7.10%
Dividend Yield	-	-	1.78%	1.97%	1.74%	1.41%	1.91%	1.68%	1.69%	1.42%	1.50%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	961.62
(-) Cash Dividends Paid (M)	235.73
(=) Cash Retained (M)	725.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	192.32	120.20	72.12
Cash Retained (M)	725.88	725.88	725.88
(-) Cash Required (M)	-192.32	-120.20	-72.12
(=) Excess Retained (M)	533.56	605.68	653.76
(/) Shares Outstanding (M)	32.75	32.75	32.75
(=) Excess Retained per Share	16.29	18.49	19.96
LTM Dividend per Share	7.20	7.20	7.20
(+) Excess Retained per Share	16.29	18.49	19.96
(=) Adjusted Dividend	23.49	25.69	27.16
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.19%	6.19%	7.19%
Fair Value	$2,011.41	$5,456.16	$5,822.26
Upside / Downside	826.91%	2,414.36%	2,583.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	961.62	1,021.16	1,084.39	1,151.53	1,222.83	1,298.55	1,337.50
Payout Ratio	24.51%	37.61%	50.71%	63.81%	76.90%	90.00%	92.50%
Projected Dividends (M)	235.73	384.07	549.88	734.74	940.39	1,168.69	1,237.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.19%	6.19%	7.19%
Year 1 PV (M)	357.50	360.90	364.30
Year 2 PV (M)	476.43	485.53	494.72
Year 3 PV (M)	592.56	609.62	627.01
Year 4 PV (M)	705.95	733.18	761.19
Year 5 PV (M)	816.65	856.21	897.29
PV of Terminal Value (M)	25,276.67	26,501.19	27,772.71
Equity Value (M)	28,225.77	29,546.64	30,917.22
Shares Outstanding (M)	32.75	32.75	32.75
Fair Value	$861.79	$902.12	$943.97
Upside / Downside	297.14%	315.72%	335.01%

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Ackermans & Van Haaren N.V. (ACKB.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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