DDM Analysis: UAN

Valuation Snapshot

Stable Growth	$229.56 - $500.35	$329.07
Multi-Stage	$225.58 - $246.32	$235.76
Blended Fair Value	$282.41
Current Price	$90.12
Upside	213.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.31%	-3.70%	6.69	26.62	19.37	4.70	0.00	4.29	0.00	0.21	6.58	8.65
YoY Growth	-	-	-74.87%	37.39%	312.31%	0.00%	-100.00%	0.00%	-100.00%	-96.74%	-23.87%	-11.34%
Dividend Yield	-	-	8.90%	33.76%	21.73%	3.41%	0.00%	41.62%	0.00%	0.66%	14.16%	10.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.22
(-) Cash Dividends Paid (M)	96.08
(=) Cash Retained (M)	31.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.44	15.90	9.54
Cash Retained (M)	31.15	31.15	31.15
(-) Cash Required (M)	-25.44	-15.90	-9.54
(=) Excess Retained (M)	5.70	15.24	21.60
(/) Shares Outstanding (M)	10.57	10.57	10.57
(=) Excess Retained per Share	0.54	1.44	2.04
LTM Dividend per Share	9.09	9.09	9.09
(+) Excess Retained per Share	0.54	1.44	2.04
(=) Adjusted Dividend	9.63	10.53	11.13
WACC / Discount Rate	8.16%	8.16%	8.16%
Growth Rate	3.81%	4.81%	5.81%
Fair Value	$229.56	$329.07	$500.35
Upside / Downside	154.72%	265.14%	455.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.22	133.34	139.75	146.48	153.52	160.90	165.73
Payout Ratio	75.52%	78.41%	81.31%	84.21%	87.10%	90.00%	92.50%
Projected Dividends (M)	96.08	104.56	113.64	123.34	133.72	144.81	153.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.16%	8.16%	8.16%
Growth Rate	3.81%	4.81%	5.81%
Year 1 PV (M)	95.75	96.67	97.59
Year 2 PV (M)	95.29	97.13	98.99
Year 3 PV (M)	94.71	97.47	100.29
Year 4 PV (M)	94.02	97.70	101.48
Year 5 PV (M)	93.24	97.81	102.57
PV of Terminal Value (M)	1,911.38	2,005.23	2,102.74
Equity Value (M)	2,384.37	2,492.01	2,603.66
Shares Outstanding (M)	10.57	10.57	10.57
Fair Value	$225.58	$235.76	$246.32
Upside / Downside	150.31%	161.61%	173.33%

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300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
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%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
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%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
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

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Sector

CVR Partners, LP (UAN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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