DDM Analysis: WHA.AS

Valuation Snapshot

Stable Growth	$34.62 - $51.33	$42.60
Multi-Stage	$78.97 - $86.97	$82.89
Blended Fair Value	$62.74
Current Price	$17.08
Upside	267.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.58%	-0.99%	1.49	1.07	1.24	0.64	0.78	2.33	2.70	3.10	3.06	3.70
YoY Growth	-	-	39.36%	-13.79%	93.11%	-17.97%	-66.45%	-13.53%	-12.94%	1.22%	-17.24%	124.91%
Dividend Yield	-	-	10.83%	7.33%	9.94%	5.02%	7.28%	11.60%	9.93%	7.68%	7.17%	7.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	189.85
(-) Cash Dividends Paid (M)	79.75
(=) Cash Retained (M)	110.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.97	23.73	14.24
Cash Retained (M)	110.11	110.11	110.11
(-) Cash Required (M)	-37.97	-23.73	-14.24
(=) Excess Retained (M)	72.14	86.38	95.87
(/) Shares Outstanding (M)	43.46	43.46	43.46
(=) Excess Retained per Share	1.66	1.99	2.21
LTM Dividend per Share	1.83	1.83	1.83
(+) Excess Retained per Share	1.66	1.99	2.21
(=) Adjusted Dividend	3.49	3.82	4.04
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-2.99%	-1.99%	-0.99%
Fair Value	$34.62	$42.60	$51.33
Upside / Downside	102.67%	149.42%	200.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	189.85	186.08	182.39	178.77	175.22	171.74	176.89
Payout Ratio	42.00%	51.60%	61.20%	70.80%	80.40%	90.00%	92.50%
Projected Dividends (M)	79.75	96.02	111.63	126.57	140.87	154.56	163.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-2.99%	-1.99%	-0.99%
Year 1 PV (M)	88.99	89.90	90.82
Year 2 PV (M)	95.86	97.85	99.86
Year 3 PV (M)	100.73	103.88	107.09
Year 4 PV (M)	103.90	108.25	112.74
Year 5 PV (M)	105.64	111.20	116.99
PV of Terminal Value (M)	2,937.10	3,091.63	3,252.59
Equity Value (M)	3,432.22	3,602.71	3,780.08
Shares Outstanding (M)	43.46	43.46	43.46
Fair Value	$78.97	$82.89	$86.97
Upside / Downside	362.33%	385.29%	409.19%

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NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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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%
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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%
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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%
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Wereldhave N.V. (WHA.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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