DDM Analysis: GLJ.DE

Valuation Snapshot

Stable Growth	$7.75 - $10.73	$9.24
Multi-Stage	$22.50 - $24.86	$23.66
Blended Fair Value	$16.45
Current Price	$16.60
Upside	-0.89%
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	-10.22%	7.35%	0.48	0.47	0.53	0.27	0.63	0.83	0.69	0.58	0.44	0.36
YoY Growth	-	-	3.37%	-11.77%	96.15%	-57.19%	-23.86%	19.55%	20.00%	32.17%	20.50%	52.48%
Dividend Yield	-	-	3.56%	1.99%	2.08%	1.07%	1.95%	1.54%	0.79%	0.67%	0.79%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.37
(-) Cash Dividends Paid (M)	34.80
(=) Cash Retained (M)	28.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.67	7.92	4.75
Cash Retained (M)	28.57	28.57	28.57
(-) Cash Required (M)	-12.67	-7.92	-4.75
(=) Excess Retained (M)	15.90	20.65	23.82
(/) Shares Outstanding (M)	44.76	44.76	44.76
(=) Excess Retained per Share	0.36	0.46	0.53
LTM Dividend per Share	0.78	0.78	0.78
(+) Excess Retained per Share	0.36	0.46	0.53
(=) Adjusted Dividend	1.13	1.24	1.31
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-7.00%	-6.00%	-5.00%
Fair Value	$7.75	$9.24	$10.73
Upside / Downside	-53.33%	-44.31%	-35.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.37	59.56	55.99	52.63	49.47	46.50	47.90
Payout Ratio	54.91%	61.93%	68.95%	75.97%	82.98%	90.00%	92.50%
Projected Dividends (M)	34.80	36.89	38.60	39.98	41.05	41.85	44.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-7.00%	-6.00%	-5.00%
Year 1 PV (M)	34.24	34.61	34.97
Year 2 PV (M)	33.25	33.97	34.70
Year 3 PV (M)	31.97	33.01	34.07
Year 4 PV (M)	30.46	31.80	33.17
Year 5 PV (M)	28.83	30.41	32.06
PV of Terminal Value (M)	848.50	895.11	943.75
Equity Value (M)	1,007.25	1,058.91	1,112.73
Shares Outstanding (M)	44.76	44.76	44.76
Fair Value	$22.50	$23.66	$24.86
Upside / Downside	35.57%	42.52%	49.77%

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Financial Statements

Fundamentals

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Ticker

Industry

Sector

Grenke AG (GLJ.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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