DDM Analysis: MF.PA

Valuation Snapshot

Stable Growth	$100.21 - $178.57	$133.22
Multi-Stage	$138.47 - $151.47	$144.85
Blended Fair Value	$139.04
Current Price	$89.60
Upside	55.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.79%	7.12%	3.73	3.02	2.83	2.75	2.66	2.69	2.62	2.33	2.15	2.01
YoY Growth	-	-	23.51%	6.92%	2.76%	3.26%	-0.89%	2.57%	12.40%	8.71%	6.59%	7.18%
Dividend Yield	-	-	4.02%	3.75%	3.24%	2.61%	2.72%	2.27%	2.50%	1.64%	1.88%	1.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	334.75
(-) Cash Dividends Paid (M)	271.60
(=) Cash Retained (M)	63.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.95	41.84	25.11
Cash Retained (M)	63.15	63.15	63.15
(-) Cash Required (M)	-66.95	-41.84	-25.11
(=) Excess Retained (M)	-3.80	21.31	38.04
(/) Shares Outstanding (M)	46.01	46.01	46.01
(=) Excess Retained per Share	-0.08	0.46	0.83
LTM Dividend per Share	5.90	5.90	5.90
(+) Excess Retained per Share	-0.08	0.46	0.83
(=) Adjusted Dividend	5.82	6.37	6.73
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	1.76%	2.76%	3.76%
Fair Value	$100.21	$133.22	$178.57
Upside / Downside	11.84%	48.69%	99.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	334.75	343.99	353.49	363.25	373.28	383.58	395.09
Payout Ratio	81.14%	82.91%	84.68%	86.45%	88.23%	90.00%	92.50%
Projected Dividends (M)	271.60	285.20	299.34	314.04	329.33	345.23	365.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	1.76%	2.76%	3.76%
Year 1 PV (M)	262.30	264.88	267.46
Year 2 PV (M)	253.20	258.20	263.25
Year 3 PV (M)	244.31	251.59	259.00
Year 4 PV (M)	235.64	245.04	254.72
Year 5 PV (M)	227.18	238.56	250.40
PV of Terminal Value (M)	5,148.23	5,406.21	5,674.43
Equity Value (M)	6,370.87	6,664.48	6,969.25
Shares Outstanding (M)	46.01	46.01	46.01
Fair Value	$138.47	$144.85	$151.47
Upside / Downside	54.54%	61.66%	69.05%

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300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
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603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
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LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
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PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
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Wendel (MF.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener