DDM Analysis: TR

Valuation Snapshot

Stable Growth	$18.15 - $32.80	$24.26
Multi-Stage	$29.08 - $31.95	$30.49
Blended Fair Value	$27.38
Current Price	$41.92
Upside	-34.69%
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	1.69%	2.86%	0.35	0.35	0.34	0.33	0.33	0.32	0.32	0.31	0.31	0.29
YoY Growth	-	-	1.75%	1.81%	2.04%	1.37%	1.49%	2.10%	1.58%	1.59%	7.18%	7.97%
Dividend Yield	-	-	1.12%	1.12%	0.80%	1.04%	1.12%	1.04%	1.01%	1.30%	1.04%	1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.77
(-) Cash Dividends Paid (M)	25.95
(=) Cash Retained (M)	67.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.75	11.72	7.03
Cash Retained (M)	67.82	67.82	67.82
(-) Cash Required (M)	-18.75	-11.72	-7.03
(=) Excess Retained (M)	49.07	56.10	60.79
(/) Shares Outstanding (M)	72.46	72.46	72.46
(=) Excess Retained per Share	0.68	0.77	0.84
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.68	0.77	0.84
(=) Adjusted Dividend	1.04	1.13	1.20
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	0.90%	1.90%	2.90%
Fair Value	$18.15	$24.26	$32.80
Upside / Downside	-56.70%	-42.12%	-21.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.77	95.55	97.36	99.21	101.09	103.01	106.10
Payout Ratio	27.67%	40.14%	52.60%	65.07%	77.53%	90.00%	92.50%
Projected Dividends (M)	25.95	38.35	51.22	64.56	78.38	92.71	98.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	0.90%	1.90%	2.90%
Year 1 PV (M)	35.61	35.96	36.31
Year 2 PV (M)	44.15	45.03	45.91
Year 3 PV (M)	51.66	53.21	54.80
Year 4 PV (M)	58.24	60.58	62.99
Year 5 PV (M)	63.95	67.18	70.55
PV of Terminal Value (M)	1,853.42	1,947.10	2,044.54
Equity Value (M)	2,107.02	2,209.07	2,315.10
Shares Outstanding (M)	72.46	72.46	72.46
Fair Value	$29.08	$30.49	$31.95
Upside / Downside	-30.63%	-27.27%	-23.78%

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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%
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BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
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Financial Statements

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Sector

Tootsie Roll Industries, Inc. (TR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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