DDM Analysis: CRBN.AS

Valuation Snapshot

Stable Growth	$71.55 - $297.90	$123.17
Multi-Stage	$66.02 - $72.31	$69.11
Blended Fair Value	$96.14
Current Price	$18.23
Upside	427.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.96%	22.29%	0.71	0.56	0.56	0.56	0.56	0.56	0.56	1.03	0.89	0.99
YoY Growth	-	-	26.59%	0.30%	0.00%	0.00%	0.30%	0.00%	-45.62%	15.24%	-10.10%	942.86%
Dividend Yield	-	-	3.30%	2.90%	1.76%	1.35%	1.22%	1.99%	2.29%	3.84%	3.51%	4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141.60
(-) Cash Dividends Paid (M)	79.10
(=) Cash Retained (M)	62.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.32	17.70	10.62
Cash Retained (M)	62.50	62.50	62.50
(-) Cash Required (M)	-28.32	-17.70	-10.62
(=) Excess Retained (M)	34.18	44.80	51.88
(/) Shares Outstanding (M)	58.85	58.85	58.85
(=) Excess Retained per Share	0.58	0.76	0.88
LTM Dividend per Share	1.34	1.34	1.34
(+) Excess Retained per Share	0.58	0.76	0.88
(=) Adjusted Dividend	1.92	2.11	2.23
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.70%	4.70%	5.70%
Fair Value	$71.55	$123.17	$297.90
Upside / Downside	292.50%	575.63%	1,534.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141.60	148.25	155.22	162.51	170.14	178.13	183.48
Payout Ratio	55.86%	62.69%	69.52%	76.34%	83.17%	90.00%	92.50%
Projected Dividends (M)	79.10	92.94	107.90	124.07	141.51	160.32	169.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.70%	4.70%	5.70%
Year 1 PV (M)	86.44	87.28	88.11
Year 2 PV (M)	93.35	95.16	96.98
Year 3 PV (M)	99.83	102.74	105.72
Year 4 PV (M)	105.91	110.05	114.32
Year 5 PV (M)	111.60	117.08	122.78
PV of Terminal Value (M)	3,387.90	3,554.44	3,727.46
Equity Value (M)	3,885.02	4,066.75	4,255.37
Shares Outstanding (M)	58.85	58.85	58.85
Fair Value	$66.02	$69.11	$72.31
Upside / Downside	262.14%	279.08%	296.66%

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Corbion N.V. (CRBN.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener