DDM Analysis: WAC.DE

Valuation Snapshot

Stable Growth	$12.94 - $23.74	$17.40
Multi-Stage	$19.81 - $21.71	$20.74
Blended Fair Value	$19.07
Current Price	$22.00
Upside	-13.31%
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	0.26%	10.79%	1.14	0.99	0.89	0.61	0.00	1.13	0.61	0.51	0.51	0.51
YoY Growth	-	-	15.00%	11.11%	46.76%	0.00%	-100.00%	83.37%	19.94%	0.09%	0.00%	25.00%
Dividend Yield	-	-	5.47%	5.82%	4.62%	2.99%	0.00%	11.21%	2.79%	1.82%	2.43%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61.30
(-) Cash Dividends Paid (M)	40.80
(=) Cash Retained (M)	20.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.26	7.66	4.60
Cash Retained (M)	20.50	20.50	20.50
(-) Cash Required (M)	-12.26	-7.66	-4.60
(=) Excess Retained (M)	8.24	12.84	15.90
(/) Shares Outstanding (M)	68.62	68.62	68.62
(=) Excess Retained per Share	0.12	0.19	0.23
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.12	0.19	0.23
(=) Adjusted Dividend	0.71	0.78	0.83
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	1.29%	2.29%	3.29%
Fair Value	$12.94	$17.40	$23.74
Upside / Downside	-41.19%	-20.90%	7.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.30	62.70	64.14	65.60	67.11	68.64	70.70
Payout Ratio	66.56%	71.25%	75.93%	80.62%	85.31%	90.00%	92.50%
Projected Dividends (M)	40.80	44.67	48.70	52.89	57.25	61.78	65.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	1.29%	2.29%	3.29%
Year 1 PV (M)	41.39	41.80	42.21
Year 2 PV (M)	41.80	42.63	43.47
Year 3 PV (M)	42.06	43.32	44.60
Year 4 PV (M)	42.18	43.87	45.61
Year 5 PV (M)	42.17	44.29	46.50
PV of Terminal Value (M)	1,149.57	1,207.45	1,267.63
Equity Value (M)	1,359.16	1,423.35	1,490.01
Shares Outstanding (M)	68.62	68.62	68.62
Fair Value	$19.81	$20.74	$21.71
Upside / Downside	-9.97%	-5.72%	-1.30%

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Wacker Neuson SE (WAC.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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