DDM Analysis: VTWR.DE

Valuation Snapshot

Stable Growth	$18.20 - $28.84	$23.05
Multi-Stage	$47.71 - $52.51	$50.06
Blended Fair Value	$36.56
Current Price	$33.82
Upside	8.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021
DPS	0.00%	0.00%	0.70	0.62	0.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	12.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.06%	1.93%	2.58%	0.00%	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)	830.00
(-) Cash Dividends Paid (M)	601.90
(=) Cash Retained (M)	228.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.00	103.75	62.25
Cash Retained (M)	228.10	228.10	228.10
(-) Cash Required (M)	-166.00	-103.75	-62.25
(=) Excess Retained (M)	62.10	124.35	165.85
(/) Shares Outstanding (M)	457.00	457.00	457.00
(=) Excess Retained per Share	0.14	0.27	0.36
LTM Dividend per Share	1.32	1.32	1.32
(+) Excess Retained per Share	0.14	0.27	0.36
(=) Adjusted Dividend	1.45	1.59	1.68
WACC / Discount Rate	5.82%	5.82%	5.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.20	$23.05	$28.84
Upside / Downside	-46.19%	-31.83%	-14.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	830.00	821.70	813.48	805.35	797.29	789.32	813.00
Payout Ratio	72.52%	76.01%	79.51%	83.01%	86.50%	90.00%	92.50%
Projected Dividends (M)	601.90	624.61	646.81	668.50	689.69	710.39	752.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.82%	5.82%	5.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	584.27	590.23	596.20
Year 2 PV (M)	565.96	577.57	589.29
Year 3 PV (M)	547.16	564.08	581.35
Year 4 PV (M)	528.05	549.93	572.49
Year 5 PV (M)	508.77	535.26	562.85
PV of Terminal Value (M)	19,069.11	20,062.08	21,096.00
Equity Value (M)	21,803.32	22,879.16	23,998.18
Shares Outstanding (M)	457.00	457.00	457.00
Fair Value	$47.71	$50.06	$52.51
Upside / Downside	41.07%	48.03%	55.27%

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600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
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002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
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%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
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%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
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IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
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605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
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Vantage Towers AG (VTWR.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener