DDM Analysis: AGCO

Valuation Snapshot

Stable Growth	$68.68 - $121.02	$90.89
Multi-Stage	$70.62 - $77.28	$73.89
Blended Fair Value	$82.39
Current Price	$107.07
Upside	-23.05%
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	41.58%	20.94%	3.66	6.12	5.41	4.80	0.64	0.64	0.63	0.60	0.57	0.56
YoY Growth	-	-	-40.29%	13.13%	12.78%	646.88%	0.00%	1.91%	5.84%	4.71%	1.19%	2.94%
Dividend Yield	-	-	3.95%	5.08%	4.00%	3.29%	0.45%	1.36%	0.90%	0.92%	0.95%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	375.30
(-) Cash Dividends Paid (M)	86.50
(=) Cash Retained (M)	288.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.06	46.91	28.15
Cash Retained (M)	288.80	288.80	288.80
(-) Cash Required (M)	-75.06	-46.91	-28.15
(=) Excess Retained (M)	213.74	241.89	260.65
(/) Shares Outstanding (M)	74.70	74.70	74.70
(=) Excess Retained per Share	2.86	3.24	3.49
LTM Dividend per Share	1.16	1.16	1.16
(+) Excess Retained per Share	2.86	3.24	3.49
(=) Adjusted Dividend	4.02	4.40	4.65
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	3.22%	4.22%	5.22%
Fair Value	$68.68	$90.89	$121.02
Upside / Downside	-35.85%	-15.11%	13.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	375.30	391.15	407.66	424.87	442.81	461.51	475.35
Payout Ratio	23.05%	36.44%	49.83%	63.22%	76.61%	90.00%	92.50%
Projected Dividends (M)	86.50	142.53	203.13	268.60	339.23	415.35	439.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	3.22%	4.22%	5.22%
Year 1 PV (M)	129.19	130.45	131.70
Year 2 PV (M)	166.90	170.15	173.43
Year 3 PV (M)	200.05	205.92	211.90
Year 4 PV (M)	229.01	238.02	247.29
Year 5 PV (M)	254.17	266.72	279.77
PV of Terminal Value (M)	4,296.28	4,508.46	4,728.95
Equity Value (M)	5,275.61	5,519.72	5,773.03
Shares Outstanding (M)	74.70	74.70	74.70
Fair Value	$70.62	$73.89	$77.28
Upside / Downside	-34.04%	-30.99%	-27.82%

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AGCO Corporation (AGCO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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