DDM Analysis: ACCO

Valuation Snapshot

Stable Growth	$2.99 - $4.29	$3.63
Multi-Stage	$5.13 - $5.62	$5.37
Blended Fair Value	$4.50
Current Price	$3.99
Upside	12.74%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.08%	0.00%	0.30	0.30	0.30	0.27	0.26	0.26	0.27	0.00	0.00	0.00
YoY Growth	-	-	-0.35%	-0.35%	10.85%	4.88%	0.82%	-2.79%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.20%	5.57%	5.71%	3.42%	3.09%	5.13%	3.06%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.60
(-) Cash Dividends Paid (M)	27.20
(=) Cash Retained (M)	13.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.12	5.08	3.05
Cash Retained (M)	13.40	13.40	13.40
(-) Cash Required (M)	-8.12	-5.08	-3.05
(=) Excess Retained (M)	5.28	8.33	10.36
(/) Shares Outstanding (M)	94.20	94.20	94.20
(=) Excess Retained per Share	0.06	0.09	0.11
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.06	0.09	0.11
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	9.14%	9.14%	9.14%
Growth Rate	-2.14%	-1.14%	-0.14%
Fair Value	$2.99	$3.63	$4.29
Upside / Downside	-25.02%	-9.09%	7.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.60	40.14	39.68	39.23	38.78	38.34	39.49
Payout Ratio	67.00%	71.60%	76.20%	80.80%	85.40%	90.00%	92.50%
Projected Dividends (M)	27.20	28.74	30.24	31.70	33.12	34.51	36.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.14%	9.14%	9.14%
Growth Rate	-2.14%	-1.14%	-0.14%
Year 1 PV (M)	26.06	26.33	26.60
Year 2 PV (M)	24.87	25.38	25.90
Year 3 PV (M)	23.65	24.38	25.13
Year 4 PV (M)	22.41	23.34	24.30
Year 5 PV (M)	21.18	22.28	23.43
PV of Terminal Value (M)	365.03	384.06	403.88
Equity Value (M)	483.20	505.78	529.24
Shares Outstanding (M)	94.20	94.20	94.20
Fair Value	$5.13	$5.37	$5.62
Upside / Downside	28.56%	34.57%	40.81%

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ACCO Brands Corporation (ACCO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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