DDM Analysis: ANDE

Valuation Snapshot

Stable Growth	$66.77 - $268.61	$114.04
Multi-Stage	$42.08 - $45.98	$43.99
Blended Fair Value	$79.02
Current Price	$39.81
Upside	98.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.50%	7.72%	0.80	0.77	0.75	0.72	0.70	0.67	0.57	0.55	0.53	0.49
YoY Growth	-	-	3.55%	3.10%	3.63%	3.23%	4.01%	18.67%	2.68%	4.55%	9.05%	27.52%
Dividend Yield	-	-	1.87%	1.37%	1.82%	1.44%	2.56%	3.60%	1.75%	1.67%	1.40%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.37
(-) Cash Dividends Paid (M)	26.70
(=) Cash Retained (M)	46.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.67	9.17	5.50
Cash Retained (M)	46.67	46.67	46.67
(-) Cash Required (M)	-14.67	-9.17	-5.50
(=) Excess Retained (M)	31.99	37.50	41.17
(/) Shares Outstanding (M)	32.79	32.79	32.79
(=) Excess Retained per Share	0.98	1.14	1.26
LTM Dividend per Share	0.81	0.81	0.81
(+) Excess Retained per Share	0.98	1.14	1.26
(=) Adjusted Dividend	1.79	1.96	2.07
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.77	$114.04	$268.61
Upside / Downside	67.72%	186.47%	574.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.37	78.14	83.22	88.63	94.39	100.52	103.54
Payout Ratio	36.39%	47.11%	57.84%	68.56%	79.28%	90.00%	92.50%
Projected Dividends (M)	26.70	36.81	48.13	60.76	74.83	90.47	95.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.66	33.98	34.30
Year 2 PV (M)	40.25	41.01	41.79
Year 3 PV (M)	46.46	47.80	49.15
Year 4 PV (M)	52.33	54.34	56.41
Year 5 PV (M)	57.85	60.64	63.55
PV of Terminal Value (M)	1,149.36	1,204.87	1,262.51
Equity Value (M)	1,379.91	1,442.65	1,507.71
Shares Outstanding (M)	32.79	32.79	32.79
Fair Value	$42.08	$43.99	$45.98
Upside / Downside	5.71%	10.51%	15.50%

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The Andersons, Inc. (ANDE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener