DDM Analysis: GNTX

Valuation Snapshot

Stable Growth	$16.43 - $25.61	$20.66
Multi-Stage	$23.69 - $25.99	$24.82
Blended Fair Value	$22.74
Current Price	$28.30
Upside	-19.64%
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	-1.03%	2.34%	0.49	0.50	0.50	0.51	0.52	0.52	0.52	0.48	0.45	0.43
YoY Growth	-	-	-1.53%	-0.83%	-1.90%	-1.62%	0.75%	-0.22%	7.12%	7.60%	4.27%	10.68%
Dividend Yield	-	-	2.10%	1.38%	1.79%	1.75%	1.46%	2.33%	2.45%	2.10%	2.10%	2.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	379.55
(-) Cash Dividends Paid (M)	107.88
(=) Cash Retained (M)	271.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.91	47.44	28.47
Cash Retained (M)	271.67	271.67	271.67
(-) Cash Required (M)	-75.91	-47.44	-28.47
(=) Excess Retained (M)	195.76	224.23	243.20
(/) Shares Outstanding (M)	225.63	225.63	225.63
(=) Excess Retained per Share	0.87	0.99	1.08
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.87	0.99	1.08
(=) Adjusted Dividend	1.35	1.47	1.56
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	0.34%	1.34%	2.34%
Fair Value	$16.43	$20.66	$25.61
Upside / Downside	-41.94%	-26.98%	-9.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	379.55	384.64	389.79	395.01	400.31	405.67	417.84
Payout Ratio	28.42%	40.74%	53.05%	65.37%	77.68%	90.00%	92.50%
Projected Dividends (M)	107.88	156.69	206.80	258.22	310.98	365.10	386.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	0.34%	1.34%	2.34%
Year 1 PV (M)	142.92	144.34	145.77
Year 2 PV (M)	172.03	175.48	178.96
Year 3 PV (M)	195.92	201.83	207.87
Year 4 PV (M)	215.20	223.91	232.88
Year 5 PV (M)	230.44	242.16	254.34
PV of Terminal Value (M)	4,388.74	4,611.84	4,843.92
Equity Value (M)	5,345.25	5,599.56	5,863.73
Shares Outstanding (M)	225.63	225.63	225.63
Fair Value	$23.69	$24.82	$25.99
Upside / Downside	-16.29%	-12.30%	-8.17%

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Financial Statements

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Sector

Gentex Corporation (GNTX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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