DDM Analysis: NDA.DE

Valuation Snapshot

Stable Growth	$147.15 - $243.88	$189.94
Multi-Stage	$149.15 - $163.24	$156.06
Blended Fair Value	$173.00
Current Price	$106.20
Upside	62.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.27%	3.56%	1.51	1.40	1.80	1.60	1.30	1.29	1.60	1.52	1.32	1.42
YoY Growth	-	-	7.86%	-22.13%	12.50%	23.08%	1.00%	-19.35%	4.70%	15.34%	-6.60%	32.87%
Dividend Yield	-	-	1.42%	1.83%	2.42%	2.10%	1.48%	2.02%	2.92%	3.57%	1.68%	2.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	539.00
(-) Cash Dividends Paid (M)	66.00
(=) Cash Retained (M)	473.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.80	67.38	40.43
Cash Retained (M)	473.00	473.00	473.00
(-) Cash Required (M)	-107.80	-67.38	-40.43
(=) Excess Retained (M)	365.20	405.63	432.58
(/) Shares Outstanding (M)	43.65	43.65	43.65
(=) Excess Retained per Share	8.37	9.29	9.91
LTM Dividend per Share	1.51	1.51	1.51
(+) Excess Retained per Share	8.37	9.29	9.91
(=) Adjusted Dividend	9.88	10.81	11.42
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	3.15%	4.15%	5.15%
Fair Value	$147.15	$189.94	$243.88
Upside / Downside	38.56%	78.85%	129.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	539.00	561.38	584.69	608.96	634.25	660.58	680.40
Payout Ratio	12.24%	27.80%	43.35%	58.90%	74.45%	90.00%	92.50%
Projected Dividends (M)	66.00	156.04	253.44	358.67	472.19	594.52	629.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	3.15%	4.15%	5.15%
Year 1 PV (M)	140.39	141.76	143.12
Year 2 PV (M)	205.17	209.16	213.20
Year 3 PV (M)	261.23	268.91	276.73
Year 4 PV (M)	309.43	321.61	334.14
Year 5 PV (M)	350.54	367.86	385.86
PV of Terminal Value (M)	5,243.36	5,502.50	5,771.77
Equity Value (M)	6,510.13	6,811.79	7,124.82
Shares Outstanding (M)	43.65	43.65	43.65
Fair Value	$149.15	$156.06	$163.24
Upside / Downside	40.45%	46.95%	53.71%

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Aurubis AG (NDA.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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