DDM Analysis: NATI

Valuation Snapshot

Stable Growth	$18.53 - $32.73	$24.54
Multi-Stage	$20.69 - $22.57	$21.61
Blended Fair Value	$23.08
Current Price	$57.40
Upside	-59.79%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	6.18%	8.01%	1.11	1.08	1.03	0.99	0.91	0.82	0.77	0.73	0.57	0.53
YoY Growth	-	-	3.30%	4.81%	3.56%	8.49%	10.94%	6.47%	5.38%	28.00%	9.26%	2.08%
Dividend Yield	-	-	2.12%	2.65%	2.38%	3.00%	2.01%	1.63%	2.38%	2.44%	1.79%	1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	179.39
(-) Cash Dividends Paid (M)	147.78
(=) Cash Retained (M)	31.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.88	22.42	13.45
Cash Retained (M)	31.62	31.62	31.62
(-) Cash Required (M)	-35.88	-22.42	-13.45
(=) Excess Retained (M)	-4.26	9.19	18.16
(/) Shares Outstanding (M)	132.93	132.93	132.93
(=) Excess Retained per Share	-0.03	0.07	0.14
LTM Dividend per Share	1.11	1.11	1.11
(+) Excess Retained per Share	-0.03	0.07	0.14
(=) Adjusted Dividend	1.08	1.18	1.25
WACC / Discount Rate	9.16%	9.16%	9.16%
Growth Rate	3.14%	4.14%	5.14%
Fair Value	$18.53	$24.54	$32.73
Upside / Downside	-67.72%	-57.24%	-42.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	179.39	186.83	194.57	202.64	211.03	219.78	226.37
Payout Ratio	82.38%	83.90%	85.43%	86.95%	88.48%	90.00%	92.50%
Projected Dividends (M)	147.78	156.75	166.21	176.19	186.71	197.80	209.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.16%	9.16%	9.16%
Growth Rate	3.14%	4.14%	5.14%
Year 1 PV (M)	142.22	143.60	144.98
Year 2 PV (M)	136.84	139.50	142.19
Year 3 PV (M)	131.61	135.47	139.41
Year 4 PV (M)	126.54	131.52	136.65
Year 5 PV (M)	121.64	127.65	133.90
PV of Terminal Value (M)	2,092.03	2,195.43	2,302.87
Equity Value (M)	2,750.88	2,873.18	3,000.01
Shares Outstanding (M)	132.93	132.93	132.93
Fair Value	$20.69	$21.61	$22.57
Upside / Downside	-63.95%	-62.34%	-60.68%

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0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
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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%
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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%
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Financial Statements

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Ticker

Industry

Sector

National Instruments Corporation (NATI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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