DDM Analysis: LECO

Valuation Snapshot

Stable Growth	$182.26 - $403.56	$262.70
Multi-Stage	$151.31 - $165.39	$158.22
Blended Fair Value	$210.46
Current Price	$235.83
Upside	-10.76%
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	6.58%	8.27%	2.88	2.63	2.32	2.16	2.10	2.09	1.81	1.64	1.55	1.54
YoY Growth	-	-	9.55%	13.22%	7.28%	3.16%	0.17%	15.54%	10.39%	5.87%	0.42%	18.71%
Dividend Yield	-	-	1.52%	1.04%	1.37%	1.57%	1.71%	3.03%	2.11%	1.82%	1.78%	2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	524.74
(-) Cash Dividends Paid (M)	166.64
(=) Cash Retained (M)	358.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.95	65.59	39.36
Cash Retained (M)	358.10	358.10	358.10
(-) Cash Required (M)	-104.95	-65.59	-39.36
(=) Excess Retained (M)	253.15	292.51	318.74
(/) Shares Outstanding (M)	56.34	56.34	56.34
(=) Excess Retained per Share	4.49	5.19	5.66
LTM Dividend per Share	2.96	2.96	2.96
(+) Excess Retained per Share	4.49	5.19	5.66
(=) Adjusted Dividend	7.45	8.15	8.62
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	4.58%	5.58%	6.58%
Fair Value	$182.26	$262.70	$403.56
Upside / Downside	-22.72%	11.39%	71.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	524.74	554.00	584.90	617.52	651.95	688.31	708.96
Payout Ratio	31.76%	43.41%	55.05%	66.70%	78.35%	90.00%	92.50%
Projected Dividends (M)	166.64	240.47	322.01	411.90	510.81	619.48	655.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	4.58%	5.58%	6.58%
Year 1 PV (M)	218.82	220.91	223.00
Year 2 PV (M)	266.64	271.77	276.94
Year 3 PV (M)	310.37	319.36	328.52
Year 4 PV (M)	350.26	363.85	377.83
Year 5 PV (M)	386.53	405.37	424.93
PV of Terminal Value (M)	6,992.38	7,333.15	7,687.08
Equity Value (M)	8,525.00	8,914.40	9,318.31
Shares Outstanding (M)	56.34	56.34	56.34
Fair Value	$151.31	$158.22	$165.39
Upside / Downside	-35.84%	-32.91%	-29.87%

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605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
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KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
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4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
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6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
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Financial Statements

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Lincoln Electric Holdings, Inc. (LECO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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