DDM Analysis: NWO.DE

Valuation Snapshot

Stable Growth	$27.24 - $46.09	$35.46
Multi-Stage	$22.85 - $24.86	$23.84
Blended Fair Value	$29.65
Current Price	$65.80
Upside	-54.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	13.47%	19.11%	3.16	2.80	2.59	2.59	5.70	1.68	2.97	2.53	0.92	4.17
YoY Growth	-	-	12.86%	8.11%	0.00%	-54.56%	239.29%	-43.44%	17.39%	176.38%	-78.04%	658.63%
Dividend Yield	-	-	4.65%	1.67%	1.40%	1.17%	2.91%	0.51%	1.26%	1.30%	0.57%	2.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.95
(-) Cash Dividends Paid (M)	5.62
(=) Cash Retained (M)	6.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.39	1.49	0.90
Cash Retained (M)	6.33	6.33	6.33
(-) Cash Required (M)	-2.39	-1.49	-0.90
(=) Excess Retained (M)	3.94	4.83	5.43
(/) Shares Outstanding (M)	5.62	5.62	5.62
(=) Excess Retained per Share	0.70	0.86	0.97
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	0.70	0.86	0.97
(=) Adjusted Dividend	1.70	1.86	1.97
WACC / Discount Rate	12.09%	12.09%	12.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.24	$35.46	$46.09
Upside / Downside	-58.60%	-46.11%	-29.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.95	12.72	13.55	14.43	15.37	16.37	16.86
Payout Ratio	47.05%	55.64%	64.23%	72.82%	81.41%	90.00%	92.50%
Projected Dividends (M)	5.62	7.08	8.70	10.51	12.51	14.73	15.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.09%	12.09%	12.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6.26	6.32	6.38
Year 2 PV (M)	6.80	6.93	7.06
Year 3 PV (M)	7.25	7.46	7.67
Year 4 PV (M)	7.63	7.93	8.23
Year 5 PV (M)	7.94	8.33	8.72
PV of Terminal Value (M)	92.55	97.02	101.66
Equity Value (M)	128.44	133.98	139.72
Shares Outstanding (M)	5.62	5.62	5.62
Fair Value	$22.85	$23.84	$24.86
Upside / Downside	-65.27%	-63.77%	-62.22%

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New Work SE (NWO.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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