DDM Analysis: AZ2.DE

Valuation Snapshot

Stable Growth	$392.60 - $925.83	$867.64
Multi-Stage	$138.07 - $151.03	$144.43
Blended Fair Value	$506.03
Current Price	$59.90
Upside	744.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.69%	16.95%	2.53	2.12	1.66	1.01	0.51	1.59	1.60	1.56	1.40	1.05
YoY Growth	-	-	19.30%	27.63%	64.52%	99.52%	-68.23%	-0.10%	2.32%	11.09%	33.48%	98.89%
Dividend Yield	-	-	4.90%	3.73%	2.65%	2.40%	1.32%	5.70%	4.15%	3.36%	2.96%	2.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	456.90
(-) Cash Dividends Paid (M)	253.80
(=) Cash Retained (M)	203.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	91.38	57.11	34.27
Cash Retained (M)	203.10	203.10	203.10
(-) Cash Required (M)	-91.38	-57.11	-34.27
(=) Excess Retained (M)	111.72	145.99	168.83
(/) Shares Outstanding (M)	98.15	98.15	98.15
(=) Excess Retained per Share	1.14	1.49	1.72
LTM Dividend per Share	2.59	2.59	2.59
(+) Excess Retained per Share	1.14	1.49	1.72
(=) Adjusted Dividend	3.72	4.07	4.31
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$392.60	$867.64	$925.83
Upside / Downside	555.43%	1,348.48%	1,445.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	456.90	486.60	518.23	551.91	587.79	625.99	644.77
Payout Ratio	55.55%	62.44%	69.33%	76.22%	83.11%	90.00%	92.50%
Projected Dividends (M)	253.80	303.83	359.28	420.66	488.51	563.39	596.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	282.60	285.28	287.96
Year 2 PV (M)	310.84	316.76	322.74
Year 3 PV (M)	338.52	348.24	358.14
Year 4 PV (M)	365.65	379.72	394.18
Year 5 PV (M)	392.25	411.19	430.87
PV of Terminal Value (M)	11,861.31	12,434.22	13,029.05
Equity Value (M)	13,551.18	14,175.41	14,822.93
Shares Outstanding (M)	98.15	98.15	98.15
Fair Value	$138.07	$144.43	$151.03
Upside / Downside	130.50%	141.12%	152.14%

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Andritz AG (AZ2.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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