DDM Analysis: TECH

Valuation Snapshot

Stable Growth	$3.52 - $5.07	$4.28
Multi-Stage	$5.52 - $6.04	$5.78
Blended Fair Value	$5.03
Current Price	$55.63
Upside	-90.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.60%	0.68%	0.32	0.32	0.32	0.32	0.31	0.31	0.31	0.30	0.30	0.30
YoY Growth	-	-	-0.06%	0.27%	0.20%	1.13%	1.47%	1.11%	0.82%	1.37%	-0.59%	1.06%
Dividend Yield	-	-	0.57%	0.40%	0.47%	0.45%	0.26%	0.50%	0.63%	0.60%	0.99%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	77.98
(-) Cash Dividends Paid (M)	50.15
(=) Cash Retained (M)	27.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.60	9.75	5.85
Cash Retained (M)	27.83	27.83	27.83
(-) Cash Required (M)	-15.60	-9.75	-5.85
(=) Excess Retained (M)	12.24	18.08	21.98
(/) Shares Outstanding (M)	157.71	157.71	157.71
(=) Excess Retained per Share	0.08	0.11	0.14
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.08	0.11	0.14
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	-1.32%	-0.32%	0.68%
Fair Value	$3.52	$4.28	$5.07
Upside / Downside	-93.67%	-92.31%	-90.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	77.98	77.73	77.48	77.22	76.97	76.73	79.03
Payout Ratio	64.31%	69.45%	74.59%	79.72%	84.86%	90.00%	92.50%
Projected Dividends (M)	50.15	53.98	57.78	61.57	65.32	69.05	73.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	-1.32%	-0.32%	0.68%
Year 1 PV (M)	48.69	49.18	49.67
Year 2 PV (M)	47.01	47.96	48.93
Year 3 PV (M)	45.17	46.56	47.97
Year 4 PV (M)	43.23	45.01	46.84
Year 5 PV (M)	41.22	43.35	45.56
PV of Terminal Value (M)	645.40	678.77	713.51
Equity Value (M)	870.70	910.82	952.49
Shares Outstanding (M)	157.71	157.71	157.71
Fair Value	$5.52	$5.78	$6.04
Upside / Downside	-90.08%	-89.62%	-89.14%

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605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
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MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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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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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%
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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

Fundamentals

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Ticker

Industry

Sector

Bio-Techne Corporation (TECH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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