DDM Analysis: TEX

Valuation Snapshot

Stable Growth	$37.53 - $71.34	$51.16
Multi-Stage	$29.06 - $31.69	$30.35
Blended Fair Value	$40.76
Current Price	$51.30
Upside	-20.55%
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	7.94%	7.75%	0.69	0.65	0.53	0.50	0.13	0.47	0.45	0.44	0.45	0.39
YoY Growth	-	-	6.48%	21.35%	6.27%	298.81%	-73.25%	4.67%	1.69%	-1.67%	16.28%	18.35%
Dividend Yield	-	-	1.83%	1.03%	1.10%	1.41%	0.27%	3.28%	1.37%	1.18%	1.43%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.00
(-) Cash Dividends Paid (M)	46.00
(=) Cash Retained (M)	110.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.20	19.50	11.70
Cash Retained (M)	110.00	110.00	110.00
(-) Cash Required (M)	-31.20	-19.50	-11.70
(=) Excess Retained (M)	78.80	90.50	98.30
(/) Shares Outstanding (M)	66.70	66.70	66.70
(=) Excess Retained per Share	1.18	1.36	1.47
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	1.18	1.36	1.47
(=) Adjusted Dividend	1.87	2.05	2.16
WACC / Discount Rate	10.76%	10.76%	10.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.53	$51.16	$71.34
Upside / Downside	-26.85%	-0.27%	39.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.00	166.14	176.94	188.44	200.69	213.73	220.15
Payout Ratio	29.49%	41.59%	53.69%	65.79%	77.90%	90.00%	92.50%
Projected Dividends (M)	46.00	69.10	95.00	123.98	156.33	192.36	203.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.76%	10.76%	10.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	61.80	62.38	62.97
Year 2 PV (M)	75.99	77.44	78.90
Year 3 PV (M)	88.70	91.25	93.84
Year 4 PV (M)	100.03	103.88	107.83
Year 5 PV (M)	110.08	115.40	120.92
PV of Terminal Value (M)	1,501.70	1,574.23	1,649.54
Equity Value (M)	1,938.30	2,024.57	2,114.00
Shares Outstanding (M)	66.70	66.70	66.70
Fair Value	$29.06	$30.35	$31.69
Upside / Downside	-43.35%	-40.83%	-38.22%

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Terex Corporation (TEX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener