DDM Analysis: INH.DE

Valuation Snapshot

Stable Growth	$20.82 - $33.42	$26.52
Multi-Stage	$45.32 - $49.84	$47.54
Blended Fair Value	$37.03
Current Price	$22.80
Upside	62.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.33%	1.42%	1.23	0.85	1.12	0.85	0.77	1.45	1.45	1.31	1.16	1.16
YoY Growth	-	-	43.87%	-23.81%	31.25%	10.01%	-46.67%	0.00%	11.11%	12.50%	0.00%	9.09%
Dividend Yield	-	-	5.03%	3.20%	4.47%	3.16%	2.19%	6.14%	3.27%	2.30%	1.92%	2.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.16
(-) Cash Dividends Paid (M)	29.88
(=) Cash Retained (M)	20.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.03	6.27	3.76
Cash Retained (M)	20.29	20.29	20.29
(-) Cash Required (M)	-10.03	-6.27	-3.76
(=) Excess Retained (M)	10.25	14.02	16.52
(/) Shares Outstanding (M)	25.26	25.26	25.26
(=) Excess Retained per Share	0.41	0.55	0.65
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	0.41	0.55	0.65
(=) Adjusted Dividend	1.59	1.74	1.84
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-1.20%	-0.20%	0.80%
Fair Value	$20.82	$26.52	$33.42
Upside / Downside	-8.70%	16.29%	46.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.16	50.06	49.97	49.87	49.77	49.67	51.16
Payout Ratio	59.56%	65.65%	71.73%	77.82%	83.91%	90.00%	92.50%
Projected Dividends (M)	29.88	32.86	35.84	38.81	41.76	44.70	47.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-1.20%	-0.20%	0.80%
Year 1 PV (M)	30.59	30.90	31.21
Year 2 PV (M)	31.06	31.69	32.33
Year 3 PV (M)	31.31	32.27	33.25
Year 4 PV (M)	31.36	32.65	33.98
Year 5 PV (M)	31.25	32.87	34.55
PV of Terminal Value (M)	989.21	1,040.29	1,093.47
Equity Value (M)	1,144.79	1,200.68	1,258.79
Shares Outstanding (M)	25.26	25.26	25.26
Fair Value	$45.32	$47.54	$49.84
Upside / Downside	98.79%	108.50%	118.59%

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INDUS Holding AG (INH.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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