DDM Analysis: TRS

Valuation Snapshot

Stable Growth	$7.96 - $11.57	$9.71
Multi-Stage	$13.23 - $14.55	$13.88
Blended Fair Value	$11.79
Current Price	$38.64
Upside	-69.48%
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	0.00%	0.00%	0.16	0.16	0.17	0.04	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.04%	-2.62%	295.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.69%	0.62%	0.60%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44.08
(-) Cash Dividends Paid (M)	6.60
(=) Cash Retained (M)	37.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.82	5.51	3.31
Cash Retained (M)	37.48	37.48	37.48
(-) Cash Required (M)	-8.82	-5.51	-3.31
(=) Excess Retained (M)	28.66	31.97	34.17
(/) Shares Outstanding (M)	40.99	40.99	40.99
(=) Excess Retained per Share	0.70	0.78	0.83
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.70	0.78	0.83
(=) Adjusted Dividend	0.86	0.94	0.99
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.96	$9.71	$11.57
Upside / Downside	-79.41%	-74.88%	-70.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.08	43.64	43.20	42.77	42.34	41.92	43.18
Payout Ratio	14.97%	29.98%	44.98%	59.99%	74.99%	90.00%	92.50%
Projected Dividends (M)	6.60	13.08	19.43	25.66	31.75	37.73	39.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.92	12.05	12.17
Year 2 PV (M)	16.15	16.48	16.81
Year 3 PV (M)	19.43	20.03	20.65
Year 4 PV (M)	21.92	22.83	23.77
Year 5 PV (M)	23.74	24.98	26.27
PV of Terminal Value (M)	449.10	472.49	496.84
Equity Value (M)	542.27	568.86	596.50
Shares Outstanding (M)	40.99	40.99	40.99
Fair Value	$13.23	$13.88	$14.55
Upside / Downside	-65.76%	-64.09%	-62.34%

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TriMas Corporation (TRS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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