DDM Analysis: FQT.DE

Valuation Snapshot

Stable Growth	$99.38 - $554.36	$189.96
Multi-Stage	$56.75 - $62.08	$59.36
Blended Fair Value	$124.66
Current Price	$51.00
Upside	144.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.26%	0.00%	0.24	0.22	0.20	0.15	0.15	0.10	1.08	0.11	0.13	0.36
YoY Growth	-	-	9.04%	10.06%	33.37%	-0.10%	50.91%	-90.83%	928.57%	-17.65%	-64.58%	0.00%
Dividend Yield	-	-	0.86%	0.80%	0.70%	0.56%	0.83%	0.50%	6.08%	0.59%	0.72%	2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.13
(-) Cash Dividends Paid (M)	6.77
(=) Cash Retained (M)	30.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.43	4.64	2.78
Cash Retained (M)	30.36	30.36	30.36
(-) Cash Required (M)	-7.43	-4.64	-2.78
(=) Excess Retained (M)	22.93	25.72	27.58
(/) Shares Outstanding (M)	13.32	13.32	13.32
(=) Excess Retained per Share	1.72	1.93	2.07
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	1.72	1.93	2.07
(=) Adjusted Dividend	2.23	2.44	2.58
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$99.38	$189.96	$554.36
Upside / Downside	94.85%	272.48%	986.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.13	39.54	42.11	44.85	47.77	50.87	52.40
Payout Ratio	18.23%	32.59%	46.94%	61.29%	75.65%	90.00%	92.50%
Projected Dividends (M)	6.77	12.89	19.77	27.49	36.13	45.79	48.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11.83	11.95	12.06
Year 2 PV (M)	16.67	16.99	17.31
Year 3 PV (M)	21.29	21.90	22.53
Year 4 PV (M)	25.70	26.69	27.71
Year 5 PV (M)	29.91	31.35	32.85
PV of Terminal Value (M)	650.47	681.89	714.51
Equity Value (M)	755.88	790.77	826.97
Shares Outstanding (M)	13.32	13.32	13.32
Fair Value	$56.75	$59.36	$62.08
Upside / Downside	11.27%	16.40%	21.73%

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Frequentis AG (FQT.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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