DDM Analysis: CTS

Valuation Snapshot

Stable Growth	$16.78 - $25.20	$20.76
Multi-Stage	$23.27 - $25.55	$24.39
Blended Fair Value	$22.58
Current Price	$39.94
Upside	-43.48%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.39%	-0.95%	0.16	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17
YoY Growth	-	-	-3.08%	-1.77%	-0.81%	-0.12%	-1.13%	-0.89%	0.48%	0.50%	-1.08%	-1.54%
Dividend Yield	-	-	0.39%	0.36%	0.34%	0.48%	0.55%	0.69%	0.59%	0.64%	0.81%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.19
(-) Cash Dividends Paid (M)	4.79
(=) Cash Retained (M)	54.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.84	7.40	4.44
Cash Retained (M)	54.40	54.40	54.40
(-) Cash Required (M)	-11.84	-7.40	-4.44
(=) Excess Retained (M)	42.56	47.00	49.96
(/) Shares Outstanding (M)	30.30	30.30	30.30
(=) Excess Retained per Share	1.40	1.55	1.65
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	1.40	1.55	1.65
(=) Adjusted Dividend	1.56	1.71	1.81
WACC / Discount Rate	9.22%	9.22%	9.22%
Growth Rate	-0.09%	0.91%	1.91%
Fair Value	$16.78	$20.76	$25.20
Upside / Downside	-58.00%	-48.02%	-36.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.19	59.73	60.27	60.82	61.37	61.93	63.79
Payout Ratio	8.09%	24.48%	40.86%	57.24%	73.62%	90.00%	92.50%
Projected Dividends (M)	4.79	14.62	24.62	34.81	45.18	55.74	59.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.22%	9.22%	9.22%
Growth Rate	-0.09%	0.91%	1.91%
Year 1 PV (M)	13.25	13.38	13.52
Year 2 PV (M)	20.24	20.64	21.05
Year 3 PV (M)	25.93	26.72	27.52
Year 4 PV (M)	30.51	31.75	33.03
Year 5 PV (M)	34.12	35.86	37.68
PV of Terminal Value (M)	580.85	610.51	641.36
Equity Value (M)	704.90	738.87	774.16
Shares Outstanding (M)	30.30	30.30	30.30
Fair Value	$23.27	$24.39	$25.55
Upside / Downside	-41.74%	-38.94%	-36.02%

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CTS Corporation (CTS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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