DDM Analysis: SCL

Valuation Snapshot

Stable Growth	$21.55 - $34.76	$27.50
Multi-Stage	$30.07 - $32.87	$31.45
Blended Fair Value	$29.47
Current Price	$47.70
Upside	-38.21%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.01%	8.24%	1.48	1.44	1.34	1.23	1.11	1.01	0.91	0.83	0.76	0.71
YoY Growth	-	-	3.29%	7.51%	8.87%	10.54%	9.99%	10.74%	10.31%	9.11%	6.31%	5.93%
Dividend Yield	-	-	2.69%	1.62%	1.30%	1.24%	0.87%	1.14%	1.03%	0.99%	0.96%	1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.24
(-) Cash Dividends Paid (M)	34.76
(=) Cash Retained (M)	10.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.05	5.66	3.39
Cash Retained (M)	10.49	10.49	10.49
(-) Cash Required (M)	-9.05	-5.66	-3.39
(=) Excess Retained (M)	1.44	4.83	7.09
(/) Shares Outstanding (M)	22.89	22.89	22.89
(=) Excess Retained per Share	0.06	0.21	0.31
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	0.06	0.21	0.31
(=) Adjusted Dividend	1.58	1.73	1.83
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	1.24%	2.24%	3.24%
Fair Value	$21.55	$27.50	$34.76
Upside / Downside	-54.83%	-42.35%	-27.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.24	46.26	47.29	48.35	49.44	50.55	52.06
Payout Ratio	76.82%	79.46%	82.09%	84.73%	87.36%	90.00%	92.50%
Projected Dividends (M)	34.76	36.75	38.82	40.97	43.19	45.49	48.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	1.24%	2.24%	3.24%
Year 1 PV (M)	33.49	33.82	34.15
Year 2 PV (M)	32.24	32.88	33.52
Year 3 PV (M)	31.00	31.92	32.87
Year 4 PV (M)	29.78	30.97	32.20
Year 5 PV (M)	28.58	30.02	31.51
PV of Terminal Value (M)	533.43	560.30	588.25
Equity Value (M)	688.51	719.91	752.50
Shares Outstanding (M)	22.89	22.89	22.89
Fair Value	$30.07	$31.45	$32.87
Upside / Downside	-36.95%	-34.08%	-31.09%

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Stepan Company (SCL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener