DDM Analysis: INGR

Valuation Snapshot

Stable Growth	$145.62 - $266.92	$195.76
Multi-Stage	$192.59 - $211.24	$201.74
Blended Fair Value	$198.75
Current Price	$122.11
Upside	62.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.83%	5.08%	3.19	2.95	2.75	2.80	2.58	2.65	2.77	2.51	2.14	1.92
YoY Growth	-	-	8.25%	7.18%	-1.63%	8.24%	-2.30%	-4.40%	10.30%	17.02%	11.90%	-1.56%
Dividend Yield	-	-	2.36%	2.52%	2.71%	3.21%	2.87%	3.50%	2.94%	1.95%	1.78%	1.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	659.00
(-) Cash Dividends Paid (M)	211.00
(=) Cash Retained (M)	448.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	131.80	82.38	49.43
Cash Retained (M)	448.00	448.00	448.00
(-) Cash Required (M)	-131.80	-82.38	-49.43
(=) Excess Retained (M)	316.20	365.63	398.58
(/) Shares Outstanding (M)	65.78	65.78	65.78
(=) Excess Retained per Share	4.81	5.56	6.06
LTM Dividend per Share	3.21	3.21	3.21
(+) Excess Retained per Share	4.81	5.56	6.06
(=) Adjusted Dividend	8.02	8.77	9.27
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	1.83%	2.83%	3.83%
Fair Value	$145.62	$195.76	$266.92
Upside / Downside	19.25%	60.31%	118.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	659.00	677.67	696.86	716.60	736.90	757.78	780.51
Payout Ratio	32.02%	43.61%	55.21%	66.81%	78.40%	90.00%	92.50%
Projected Dividends (M)	211.00	295.56	384.74	478.74	577.76	682.00	721.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	1.83%	2.83%	3.83%
Year 1 PV (M)	272.42	275.10	277.78
Year 2 PV (M)	326.87	333.32	339.83
Year 3 PV (M)	374.89	386.04	397.41
Year 4 PV (M)	417.01	433.63	450.74
Year 5 PV (M)	453.71	476.43	500.05
PV of Terminal Value (M)	10,822.94	11,364.89	11,928.33
Equity Value (M)	12,667.83	13,269.40	13,894.14
Shares Outstanding (M)	65.78	65.78	65.78
Fair Value	$192.59	$201.74	$211.24
Upside / Downside	57.72%	65.21%	72.99%

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Ingredion Incorporated (INGR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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