DDM Analysis: TNC

Valuation Snapshot

Stable Growth	$39.52 - $69.59	$52.29
Multi-Stage	$45.47 - $49.76	$47.58
Blended Fair Value	$49.93
Current Price	$81.06
Upside	-38.40%
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	5.99%	3.98%	1.14	1.07	1.00	0.93	0.87	0.85	0.82	0.79	0.76	0.77
YoY Growth	-	-	6.47%	6.35%	8.00%	7.36%	1.88%	4.28%	2.61%	4.62%	-1.41%	0.08%
Dividend Yield	-	-	1.43%	0.87%	1.47%	1.18%	1.08%	1.47%	1.32%	1.17%	1.05%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.80
(-) Cash Dividends Paid (M)	21.90
(=) Cash Retained (M)	32.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.96	6.85	4.11
Cash Retained (M)	32.90	32.90	32.90
(-) Cash Required (M)	-10.96	-6.85	-4.11
(=) Excess Retained (M)	21.94	26.05	28.79
(/) Shares Outstanding (M)	18.81	18.81	18.81
(=) Excess Retained per Share	1.17	1.38	1.53
LTM Dividend per Share	1.16	1.16	1.16
(+) Excess Retained per Share	1.17	1.38	1.53
(=) Adjusted Dividend	2.33	2.55	2.69
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	2.58%	3.58%	4.58%
Fair Value	$39.52	$52.29	$69.59
Upside / Downside	-51.25%	-35.49%	-14.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.80	56.76	58.80	60.90	63.09	65.35	67.31
Payout Ratio	39.96%	49.97%	59.98%	69.99%	79.99%	90.00%	92.50%
Projected Dividends (M)	21.90	28.37	35.27	42.62	50.46	58.81	62.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	2.58%	3.58%	4.58%
Year 1 PV (M)	25.86	26.11	26.36
Year 2 PV (M)	29.31	29.88	30.46
Year 3 PV (M)	32.29	33.25	34.22
Year 4 PV (M)	34.86	36.24	37.66
Year 5 PV (M)	37.03	38.87	40.79
PV of Terminal Value (M)	695.98	730.57	766.52
Equity Value (M)	855.33	894.92	936.01
Shares Outstanding (M)	18.81	18.81	18.81
Fair Value	$45.47	$47.58	$49.76
Upside / Downside	-43.90%	-41.31%	-38.61%

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Tennant Company (TNC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener