DDM Analysis: B5A.DE

Valuation Snapshot

Stable Growth	$15.52 - $42.40	$23.95
Multi-Stage	$57.13 - $63.12	$60.07
Blended Fair Value	$42.01
Current Price	$6.10
Upside	588.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
DPS	-16.86%	-19.80%	0.05	0.08	0.11	0.10	0.09	0.12	0.12	0.11	0.25	0.38
YoY Growth	-	-	-42.42%	-26.31%	17.66%	6.94%	-25.58%	0.99%	9.44%	-56.41%	-33.78%	-13.12%
Dividend Yield	-	-	0.52%	0.75%	1.13%	0.61%	0.47%	0.85%	0.82%	0.61%	1.31%	1.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.12
(-) Cash Dividends Paid (M)	0.91
(=) Cash Retained (M)	17.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.62	2.26	1.36
Cash Retained (M)	17.21	17.21	17.21
(-) Cash Required (M)	-3.62	-2.26	-1.36
(=) Excess Retained (M)	13.59	14.95	15.85
(/) Shares Outstanding (M)	26.13	26.13	26.13
(=) Excess Retained per Share	0.52	0.57	0.61
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.52	0.57	0.61
(=) Adjusted Dividend	0.55	0.61	0.64
WACC / Discount Rate	2.03%	2.03%	2.03%
Growth Rate	-1.49%	-0.49%	0.51%
Fair Value	$15.52	$23.95	$42.40
Upside / Downside	154.45%	292.67%	595.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.12	18.03	17.94	17.85	17.77	17.68	18.21
Payout Ratio	5.00%	22.00%	39.00%	56.00%	73.00%	90.00%	92.50%
Projected Dividends (M)	0.91	3.97	7.00	10.00	12.97	15.91	16.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.03%	2.03%	2.03%
Growth Rate	-1.49%	-0.49%	0.51%
Year 1 PV (M)	3.85	3.89	3.93
Year 2 PV (M)	6.59	6.72	6.86
Year 3 PV (M)	9.13	9.41	9.70
Year 4 PV (M)	11.49	11.97	12.45
Year 5 PV (M)	13.68	14.39	15.13
PV of Terminal Value (M)	1,448.17	1,523.18	1,601.26
Equity Value (M)	1,492.90	1,569.55	1,649.32
Shares Outstanding (M)	26.13	26.13	26.13
Fair Value	$57.13	$60.07	$63.12
Upside / Downside	836.64%	884.72%	934.77%

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Bauer AG (B5A.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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