DDM Analysis: VKQ

Valuation Snapshot

Stable Growth	$6.00 - $8.20	$7.12
Multi-Stage	$18.81 - $20.79	$19.78
Blended Fair Value	$13.45
Current Price	$10.07
Upside	33.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.31%	-6.44%	0.42	0.42	0.50	0.62	0.60	0.58	0.63	0.72	0.78	0.82
YoY Growth	-	-	-0.80%	-16.34%	-19.57%	3.45%	4.54%	-8.00%	-12.68%	-7.47%	-4.85%	0.63%
Dividend Yield	-	-	4.14%	4.40%	5.30%	5.28%	4.64%	4.58%	5.27%	6.08%	6.15%	6.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.02
(-) Cash Dividends Paid (M)	46.29
(=) Cash Retained (M)	20.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.40	8.38	5.03
Cash Retained (M)	20.73	20.73	20.73
(-) Cash Required (M)	-13.40	-8.38	-5.03
(=) Excess Retained (M)	7.33	12.36	15.71
(/) Shares Outstanding (M)	55.35	55.35	55.35
(=) Excess Retained per Share	0.13	0.22	0.28
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	0.13	0.22	0.28
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-8.31%	-7.31%	-6.31%
Fair Value	$6.00	$7.12	$8.20
Upside / Downside	-40.41%	-29.34%	-18.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.02	62.12	57.58	53.37	49.47	45.86	47.23
Payout Ratio	69.07%	73.25%	77.44%	81.63%	85.81%	90.00%	92.50%
Projected Dividends (M)	46.29	45.51	44.59	43.57	42.45	41.27	43.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-8.31%	-7.31%	-6.31%
Year 1 PV (M)	42.27	42.73	43.19
Year 2 PV (M)	38.48	39.32	40.17
Year 3 PV (M)	34.92	36.07	37.25
Year 4 PV (M)	31.61	33.01	34.46
Year 5 PV (M)	28.54	30.13	31.79
PV of Terminal Value (M)	865.31	913.53	963.89
Equity Value (M)	1,041.13	1,094.81	1,150.76
Shares Outstanding (M)	55.35	55.35	55.35
Fair Value	$18.81	$19.78	$20.79
Upside / Downside	86.80%	96.43%	106.47%

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ATCOL	Atlas Corp.	3.53%	$0.89	30.47%
AWC-R.BK	Asset World Corp Public Company Limited	3.53%	$0.07	37.62%
CCRO3.SA	CCR S.A.	3.53%	$0.48	66.57%
HMU.DE	HMS Bergbau AG	3.53%	$1.69	29.89%
RAUTE.HE	Raute Oyj	3.53%	$0.52	26.97%
RWE.DE	RWE AG	3.53%	$1.66	46.76%
SNL.AX	Supply Network Limited	3.53%	$1.13	67.28%
0NHS.L	Nutrien Ltd.	3.52%	$2.18	58.76%
CELL.MI	Cellularline S.p.A.	3.52%	$0.09	34.70%
INFREA.ST	Infrea AB	3.52%	$0.50	67.57%
ISSP.JK	PT Steel Pipe Industry of Indonesia Tbk	3.52%	$15.00	19.85%
MGA	Magna International Inc.	3.52%	$1.92	52.47%
PARP.PA	Groupe Partouche S.A.	3.52%	$0.64	38.61%
PKI.TO	Parkland Corporation	3.52%	$1.40	73.81%
SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
161390.KS	Hankook Tire & Technology Co., Ltd.	3.51%	$2,000.00	25.86%
300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
RATO-A.ST	Ratos AB (publ)	3.51%	$1.35	12.15%
002887.SZ	Tianjin LVYIN Landscape and Ecology Construction Co., Ltd	3.50%	$0.33	84.50%
603062.SS	MEGA P&C Advanced Materials (Shanghai) Company Limited	3.50%	$1.66	74.27%
CMCL	Caledonia Mining Corporation Plc	3.50%	$0.92	35.87%
DLO	DLocal Limited	3.50%	$0.49	87.74%
LAZ	Lazard Ltd	3.50%	$1.74	67.48%
TWL.MI	TraWell Co S.p.A.	3.50%	$0.21	28.69%
WJP.SI	VICOM Ltd	3.50%	$0.06	66.95%
005610.KS	SPC Samlip Co., Ltd.	3.49%	$1,803.39	45.19%
0RFL.L	VAT Group AG	3.49%	$12.50	88.50%
2030.HK	Cabbeen Fashion Limited	3.49%	$0.05	63.92%
5206.TWO	Kunyue Development Co., Ltd.	3.49%	$1.18	21.91%
5246.KL	Westports Holdings Berhad	3.49%	$0.20	71.36%
5989.T	H-One Co.,Ltd.	3.49%	$49.44	14.49%
ACO-X.TO	ATCO Ltd.	3.49%	$1.98	50.80%
CNI	Canadian National Railway Company	3.49%	$3.50	50.64%
PEAB3.SA	Companhia de Participações Aliança da Bahia	3.49%	$1.36	78.68%
026960.KS	Dong Suh Companies Inc.	3.48%	$905.33	62.72%
055550.KS	Shinhan Financial Group Co., Ltd.	3.48%	$2,668.74	26.55%
0QK5.L	INFICON Holding AG	3.48%	$3.44	43.54%
6722.TWO	Whetron Electronics Co.,Ltd.	3.48%	$1.99	24.71%
HOLM-A.ST	Holmen AB (publ)	3.48%	$12.23	66.11%
002206.SZ	Zhejiang Hailide New Material Co.,Ltd	3.47%	$0.20	43.30%
3004.SR	Northern Region Cement Company	3.47%	$0.25	79.89%
4129.TWO	United Orthopedic Corporation	3.47%	$3.80	69.70%
600133.SS	Wuhan East Lake High Technology Group Co., Ltd.	3.47%	$0.32	87.27%
601995.SS	China International Capital Corporation Limited	3.47%	$1.21	62.35%
6471.T	NSK Ltd.	3.47%	$33.82	92.34%
CSED3.SA	Cruzeiro do Sul Educacional S.A.	3.47%	$0.21	30.49%
GPRA.JK	PT Perdana Gapuraprima Tbk	3.47%	$5.00	18.12%

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Invesco Municipal Trust (VKQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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