DDM Analysis: FUL

Valuation Snapshot

Stable Growth	$149.77 - $409.76	$384.01
Multi-Stage	$57.85 - $63.30	$60.53
Blended Fair Value	$222.27
Current Price	$61.05
Upside	264.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.02%	7.50%	0.85	0.78	0.70	0.63	0.60	0.58	0.56	0.53	0.49	0.46
YoY Growth	-	-	9.69%	10.68%	12.47%	4.18%	3.41%	3.96%	5.11%	7.61%	7.14%	11.24%
Dividend Yield	-	-	1.50%	0.98%	0.97%	0.89%	1.07%	1.48%	1.09%	1.07%	1.00%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.88
(-) Cash Dividends Paid (M)	49.72
(=) Cash Retained (M)	65.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.98	14.36	8.62
Cash Retained (M)	65.16	65.16	65.16
(-) Cash Required (M)	-22.98	-14.36	-8.62
(=) Excess Retained (M)	42.18	50.80	56.54
(/) Shares Outstanding (M)	55.76	55.76	55.76
(=) Excess Retained per Share	0.76	0.91	1.01
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	0.76	0.91	1.01
(=) Adjusted Dividend	1.65	1.80	1.91
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$149.77	$384.01	$409.76
Upside / Downside	145.32%	529.00%	571.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.88	122.34	130.30	138.77	147.79	157.39	162.11
Payout Ratio	43.28%	52.62%	61.97%	71.31%	80.66%	90.00%	92.50%
Projected Dividends (M)	49.72	64.38	80.74	98.96	119.20	141.65	149.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.79	60.36	60.93
Year 2 PV (M)	69.64	70.97	72.31
Year 3 PV (M)	79.27	81.55	83.87
Year 4 PV (M)	88.69	92.10	95.60
Year 5 PV (M)	97.88	102.61	107.52
PV of Terminal Value (M)	2,830.29	2,967.00	3,108.93
Equity Value (M)	3,225.57	3,374.59	3,529.16
Shares Outstanding (M)	55.76	55.76	55.76
Fair Value	$57.85	$60.53	$63.30
Upside / Downside	-5.24%	-0.86%	3.68%

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H.B. Fuller Company (FUL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener