DDM Analysis: TGHN.DE

Valuation Snapshot

Stable Growth	$1,086.38 - $2,967.25	$1,676.18
Multi-Stage	$1,223.96 - $1,341.20	$1,281.48
Blended Fair Value	$1,478.83
Current Price	$238.00
Upside	521.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.90%	0.00%	14.00	24.00	6.00	3.50	3.51	3.51	2.50	2.00	0.00	0.00
YoY Growth	-	-	-41.67%	300.01%	71.33%	-0.11%	-0.01%	39.99%	25.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.83%	9.30%	2.22%	1.28%	2.35%	2.21%	2.07%	1.47%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.56
(-) Cash Dividends Paid (M)	77.16
(=) Cash Retained (M)	56.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.71	16.70	10.02
Cash Retained (M)	56.40	56.40	56.40
(-) Cash Required (M)	-26.71	-16.70	-10.02
(=) Excess Retained (M)	29.69	39.70	46.38
(/) Shares Outstanding (M)	2.88	2.88	2.88
(=) Excess Retained per Share	10.31	13.79	16.11
LTM Dividend per Share	26.80	26.80	26.80
(+) Excess Retained per Share	10.31	13.79	16.11
(=) Adjusted Dividend	37.11	40.59	42.91
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	3.00%	4.00%	5.00%
Fair Value	$1,086.38	$1,676.18	$2,967.25
Upside / Downside	356.46%	604.28%	1,146.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.56	138.90	144.45	150.22	156.23	162.47	167.35
Payout Ratio	57.77%	64.22%	70.66%	77.11%	83.55%	90.00%	92.50%
Projected Dividends (M)	77.16	89.20	102.07	115.84	130.54	146.23	154.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	3.00%	4.00%	5.00%
Year 1 PV (M)	82.94	83.74	84.55
Year 2 PV (M)	88.25	89.97	91.71
Year 3 PV (M)	93.12	95.86	98.65
Year 4 PV (M)	97.57	101.41	105.37
Year 5 PV (M)	101.62	106.65	111.88
PV of Terminal Value (M)	3,060.54	3,212.03	3,369.46
Equity Value (M)	3,524.03	3,689.66	3,861.61
Shares Outstanding (M)	2.88	2.88	2.88
Fair Value	$1,223.96	$1,281.48	$1,341.20
Upside / Downside	414.27%	438.44%	463.53%

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Logwin AG (TGHN.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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