DDM Analysis: THO

Valuation Snapshot

Stable Growth	$54.55 - $86.09	$68.98
Multi-Stage	$66.59 - $72.85	$69.66
Blended Fair Value	$69.32
Current Price	$104.35
Upside	-33.57%
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	3.74%	6.34%	1.99	1.92	1.80	1.78	1.71	1.66	1.58	1.47	1.30	1.18
YoY Growth	-	-	3.91%	6.43%	1.08%	4.56%	2.81%	4.97%	7.89%	12.36%	10.23%	9.74%
Dividend Yield	-	-	1.91%	1.84%	2.05%	2.19%	1.61%	1.96%	2.50%	2.10%	0.96%	1.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	282.06
(-) Cash Dividends Paid (M)	106.13
(=) Cash Retained (M)	175.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.41	35.26	21.15
Cash Retained (M)	175.93	175.93	175.93
(-) Cash Required (M)	-56.41	-35.26	-21.15
(=) Excess Retained (M)	119.52	140.67	154.78
(/) Shares Outstanding (M)	53.23	53.23	53.23
(=) Excess Retained per Share	2.25	2.64	2.91
LTM Dividend per Share	1.99	1.99	1.99
(+) Excess Retained per Share	2.25	2.64	2.91
(=) Adjusted Dividend	4.24	4.64	4.90
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	1.74%	2.74%	3.74%
Fair Value	$54.55	$68.98	$86.09
Upside / Downside	-47.72%	-33.90%	-17.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	282.06	289.80	297.74	305.91	314.30	322.92	332.61
Payout Ratio	37.63%	48.10%	58.58%	69.05%	79.53%	90.00%	92.50%
Projected Dividends (M)	106.13	139.40	174.41	211.23	249.95	290.63	307.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	1.74%	2.74%	3.74%
Year 1 PV (M)	125.89	127.13	128.37
Year 2 PV (M)	142.25	145.06	147.90
Year 3 PV (M)	155.60	160.23	164.95
Year 4 PV (M)	166.28	172.91	179.74
Year 5 PV (M)	174.61	183.36	192.46
PV of Terminal Value (M)	2,779.72	2,919.04	3,063.89
Equity Value (M)	3,544.35	3,707.73	3,877.31
Shares Outstanding (M)	53.23	53.23	53.23
Fair Value	$66.59	$69.66	$72.85
Upside / Downside	-36.19%	-33.24%	-30.19%

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Thor Industries, Inc. (THO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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