DDM Analysis: GLJ.DE

Valuation Snapshot

Stable Growth	$8.58 - $12.11	$10.33
Multi-Stage	$35.65 - $39.48	$37.53
Blended Fair Value	$23.93
Current Price	$16.60
Upside	44.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.22%	7.35%	0.48	0.47	0.53	0.27	0.63	0.83	0.69	0.58	0.44	0.36
YoY Growth	-	-	3.37%	-11.77%	96.15%	-57.19%	-23.86%	19.55%	20.00%	32.17%	20.50%	52.48%
Dividend Yield	-	-	3.56%	1.99%	2.08%	1.07%	1.95%	1.54%	0.79%	0.67%	0.79%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.37
(-) Cash Dividends Paid (M)	34.80
(=) Cash Retained (M)	28.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.67	7.92	4.75
Cash Retained (M)	28.57	28.57	28.57
(-) Cash Required (M)	-12.67	-7.92	-4.75
(=) Excess Retained (M)	15.90	20.65	23.82
(/) Shares Outstanding (M)	44.76	44.76	44.76
(=) Excess Retained per Share	0.36	0.46	0.53
LTM Dividend per Share	0.78	0.78	0.78
(+) Excess Retained per Share	0.36	0.46	0.53
(=) Adjusted Dividend	1.13	1.24	1.31
WACC / Discount Rate	5.27%	5.27%	5.27%
Growth Rate	-7.00%	-6.00%	-5.00%
Fair Value	$8.58	$10.33	$12.11
Upside / Downside	-48.29%	-37.76%	-27.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.37	59.56	55.99	52.63	49.47	46.50	47.90
Payout Ratio	54.91%	61.93%	68.95%	75.97%	82.98%	90.00%	92.50%
Projected Dividends (M)	34.80	36.89	38.60	39.98	41.05	41.85	44.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.27%	5.27%	5.27%
Growth Rate	-7.00%	-6.00%	-5.00%
Year 1 PV (M)	34.67	35.04	35.41
Year 2 PV (M)	34.10	34.84	35.58
Year 3 PV (M)	33.19	34.27	35.38
Year 4 PV (M)	32.03	33.43	34.87
Year 5 PV (M)	30.69	32.37	34.13
PV of Terminal Value (M)	1,431.02	1,509.63	1,591.65
Equity Value (M)	1,595.69	1,679.58	1,767.03
Shares Outstanding (M)	44.76	44.76	44.76
Fair Value	$35.65	$37.53	$39.48
Upside / Downside	114.77%	126.06%	137.84%

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Grenke AG (GLJ.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener