DDM Analysis: NA9.DE

Valuation Snapshot

Stable Growth	$31.42 - $47.11	$38.85
Multi-Stage	$60.68 - $66.78	$63.67
Blended Fair Value	$51.26
Current Price	$51.70
Upside	-0.85%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.79
(-) Cash Dividends Paid (M)	12.62
(=) Cash Retained (M)	36.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.76	6.10	3.66
Cash Retained (M)	36.17	36.17	36.17
(-) Cash Required (M)	-9.76	-6.10	-3.66
(=) Excess Retained (M)	26.41	30.07	32.51
(/) Shares Outstanding (M)	12.98	12.98	12.98
(=) Excess Retained per Share	2.04	2.32	2.51
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	2.04	2.32	2.51
(=) Adjusted Dividend	3.01	3.29	3.48
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$31.42	$38.85	$47.11
Upside / Downside	-39.24%	-24.85%	-8.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.79	48.30	47.82	47.34	46.87	46.40	47.79
Payout Ratio	25.87%	38.70%	51.52%	64.35%	77.17%	90.00%	92.50%
Projected Dividends (M)	12.62	18.69	24.64	30.46	36.17	41.76	44.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	17.23	17.41	17.58
Year 2 PV (M)	20.94	21.37	21.80
Year 3 PV (M)	23.86	24.60	25.35
Year 4 PV (M)	26.12	27.20	28.32
Year 5 PV (M)	27.80	29.25	30.75
PV of Terminal Value (M)	671.42	706.38	742.79
Equity Value (M)	787.37	826.21	866.60
Shares Outstanding (M)	12.98	12.98	12.98
Fair Value	$60.68	$63.67	$66.78
Upside / Downside	17.36%	23.15%	29.17%

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Nagarro SE (NA9.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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