DDM Analysis: RAA.DE

Valuation Snapshot

Stable Growth	$422.63 - $899.91	$600.83
Multi-Stage	$328.38 - $357.57	$342.71
Blended Fair Value	$471.77
Current Price	$649.00
Upside	-27.31%
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	7.28%	8.45%	13.50	11.00	7.50	4.80	5.70	9.50	11.00	10.00	7.50	6.80
YoY Growth	-	-	22.73%	46.67%	56.25%	-15.79%	-40.00%	-13.64%	10.00%	33.33%	10.29%	13.33%
Dividend Yield	-	-	1.76%	1.39%	1.22%	0.77%	0.86%	1.96%	1.97%	1.96%	1.72%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	254.93
(-) Cash Dividends Paid (M)	170.55
(=) Cash Retained (M)	84.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.99	31.87	19.12
Cash Retained (M)	84.38	84.38	84.38
(-) Cash Required (M)	-50.99	-31.87	-19.12
(=) Excess Retained (M)	33.39	52.51	65.26
(/) Shares Outstanding (M)	11.37	11.37	11.37
(=) Excess Retained per Share	2.94	4.62	5.74
LTM Dividend per Share	15.00	15.00	15.00
(+) Excess Retained per Share	2.94	4.62	5.74
(=) Adjusted Dividend	17.94	19.62	20.74
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$422.63	$600.83	$899.91
Upside / Downside	-34.88%	-7.42%	38.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	254.93	271.50	289.14	307.94	327.95	349.27	359.75
Payout Ratio	66.90%	71.52%	76.14%	80.76%	85.38%	90.00%	92.50%
Projected Dividends (M)	170.55	194.18	220.16	248.69	280.01	314.34	332.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	174.90	176.56	178.22
Year 2 PV (M)	178.62	182.02	185.46
Year 3 PV (M)	181.74	186.96	192.28
Year 4 PV (M)	184.32	191.41	198.70
Year 5 PV (M)	186.38	195.38	204.73
PV of Terminal Value (M)	2,827.75	2,964.33	3,106.14
Equity Value (M)	3,733.71	3,896.66	4,065.52
Shares Outstanding (M)	11.37	11.37	11.37
Fair Value	$328.38	$342.71	$357.57
Upside / Downside	-49.40%	-47.19%	-44.91%

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Financial Statements

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Sector

Rational AG (RAA.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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