DDM Analysis: TEX

Valuation Snapshot

Stable Growth	$37.54 - $71.37	$51.18
Multi-Stage	$29.07 - $31.70	$30.36
Blended Fair Value	$40.77
Current Price	$51.30
Upside	-20.53%
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	7.94%	7.75%	0.69	0.65	0.53	0.50	0.13	0.47	0.45	0.44	0.45	0.39
YoY Growth	-	-	6.48%	21.35%	6.27%	298.81%	-73.25%	4.67%	1.69%	-1.67%	16.28%	18.35%
Dividend Yield	-	-	1.83%	1.03%	1.10%	1.41%	0.27%	3.28%	1.37%	1.18%	1.43%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.00
(-) Cash Dividends Paid (M)	46.00
(=) Cash Retained (M)	110.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.20	19.50	11.70
Cash Retained (M)	110.00	110.00	110.00
(-) Cash Required (M)	-31.20	-19.50	-11.70
(=) Excess Retained (M)	78.80	90.50	98.30
(/) Shares Outstanding (M)	66.70	66.70	66.70
(=) Excess Retained per Share	1.18	1.36	1.47
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	1.18	1.36	1.47
(=) Adjusted Dividend	1.87	2.05	2.16
WACC / Discount Rate	10.76%	10.76%	10.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.54	$51.18	$71.37
Upside / Downside	-26.83%	-0.24%	39.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.00	166.14	176.94	188.44	200.69	213.73	220.15
Payout Ratio	29.49%	41.59%	53.69%	65.79%	77.90%	90.00%	92.50%
Projected Dividends (M)	46.00	69.10	95.00	123.98	156.33	192.36	203.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.76%	10.76%	10.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	61.80	62.39	62.97
Year 2 PV (M)	75.99	77.44	78.90
Year 3 PV (M)	88.70	91.25	93.84
Year 4 PV (M)	100.03	103.88	107.84
Year 5 PV (M)	110.09	115.40	120.93
PV of Terminal Value (M)	1,502.03	1,574.58	1,649.90
Equity Value (M)	1,938.65	2,024.94	2,114.39
Shares Outstanding (M)	66.70	66.70	66.70
Fair Value	$29.07	$30.36	$31.70
Upside / Downside	-43.34%	-40.82%	-38.21%

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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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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%
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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%
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Terex Corporation (TEX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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