DDM Analysis: LHA.DE

Valuation Snapshot

Stable Growth	$12.75 - $19.69	$15.97
Multi-Stage	$24.31 - $26.75	$25.50
Blended Fair Value	$20.74
Current Price	$7.21
Upside	187.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.48%	5.30%	0.31	0.02	0.01	0.02	0.02	0.32	0.29	0.19	0.19	0.01
YoY Growth	-	-	1,388.00%	212.50%	-57.89%	-9.52%	-94.49%	9.17%	50.43%	-0.43%	1,564.29%	-93.69%
Dividend Yield	-	-	4.63%	0.29%	0.07%	0.22%	0.22%	5.21%	2.08%	1.05%	1.79%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,643.00
(-) Cash Dividends Paid (M)	369.00
(=) Cash Retained (M)	1,274.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	328.60	205.38	123.23
Cash Retained (M)	1,274.00	1,274.00	1,274.00
(-) Cash Required (M)	-328.60	-205.38	-123.23
(=) Excess Retained (M)	945.40	1,068.63	1,150.78
(/) Shares Outstanding (M)	1,197.95	1,197.95	1,197.95
(=) Excess Retained per Share	0.79	0.89	0.96
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.79	0.89	0.96
(=) Adjusted Dividend	1.10	1.20	1.27
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-1.37%	-0.37%	0.63%
Fair Value	$12.75	$15.97	$19.69
Upside / Downside	76.89%	121.54%	173.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,643.00	1,636.88	1,630.78	1,624.70	1,618.65	1,612.62	1,660.99
Payout Ratio	22.46%	35.97%	49.48%	62.98%	76.49%	90.00%	92.50%
Projected Dividends (M)	369.00	588.74	806.83	1,023.30	1,238.13	1,451.35	1,536.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-1.37%	-0.37%	0.63%
Year 1 PV (M)	544.13	549.64	555.16
Year 2 PV (M)	689.19	703.24	717.43
Year 3 PV (M)	807.86	832.69	858.01
Year 4 PV (M)	903.41	940.61	978.94
Year 5 PV (M)	978.74	1,029.38	1,082.08
PV of Terminal Value (M)	25,194.48	26,497.90	27,854.72
Equity Value (M)	29,117.81	30,553.45	32,046.35
Shares Outstanding (M)	1,197.95	1,197.95	1,197.95
Fair Value	$24.31	$25.50	$26.75
Upside / Downside	237.12%	253.74%	271.03%

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Deutsche Lufthansa AG (LHA.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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