DDM Analysis: VKQ

Valuation Snapshot

Stable Growth	$6.00 - $8.20	$7.12
Multi-Stage	$18.82 - $20.80	$19.79
Blended Fair Value	$13.45
Current Price	$10.07
Upside	33.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.31%	-6.44%	0.42	0.42	0.50	0.62	0.60	0.58	0.63	0.72	0.78	0.82
YoY Growth	-	-	-0.80%	-16.34%	-19.57%	3.45%	4.54%	-8.00%	-12.68%	-7.47%	-4.85%	0.63%
Dividend Yield	-	-	4.14%	4.40%	5.30%	5.28%	4.64%	4.58%	5.27%	6.08%	6.15%	6.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.02
(-) Cash Dividends Paid (M)	46.29
(=) Cash Retained (M)	20.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.40	8.38	5.03
Cash Retained (M)	20.73	20.73	20.73
(-) Cash Required (M)	-13.40	-8.38	-5.03
(=) Excess Retained (M)	7.33	12.36	15.71
(/) Shares Outstanding (M)	55.35	55.35	55.35
(=) Excess Retained per Share	0.13	0.22	0.28
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	0.13	0.22	0.28
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-8.31%	-7.31%	-6.31%
Fair Value	$6.00	$7.12	$8.20
Upside / Downside	-40.40%	-29.33%	-18.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.02	62.12	57.58	53.37	49.47	45.86	47.23
Payout Ratio	69.07%	73.25%	77.44%	81.63%	85.81%	90.00%	92.50%
Projected Dividends (M)	46.29	45.51	44.59	43.57	42.45	41.27	43.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-8.31%	-7.31%	-6.31%
Year 1 PV (M)	42.27	42.73	43.19
Year 2 PV (M)	38.48	39.32	40.17
Year 3 PV (M)	34.92	36.08	37.26
Year 4 PV (M)	31.61	33.01	34.46
Year 5 PV (M)	28.54	30.14	31.80
PV of Terminal Value (M)	865.67	913.92	964.29
Equity Value (M)	1,041.50	1,095.20	1,151.17
Shares Outstanding (M)	55.35	55.35	55.35
Fair Value	$18.82	$19.79	$20.80
Upside / Downside	86.86%	96.50%	106.54%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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055490.KS	Tapex Co., Ltd.	1.44%	$199.78	51.52%
2756.TWO	Lian Fa International Dining Business Corp.	1.44%	$1.18	40.55%
300130.SZ	XGD Inc.	1.44%	$0.40	65.84%
300194.SZ	Fuan Pharmaceutical (Group) Co., Ltd.	1.44%	$0.06	52.37%
301058.SZ	COFCO Technology & Industry Co., Ltd.	1.44%	$0.16	34.15%
3393.HK	Wasion Holdings Limited	1.44%	$0.26	17.68%
5536.TWO	Acter Group Corporation Limited	1.44%	$10.99	47.44%
600809.SS	Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.	1.44%	$2.47	24.55%
6485.T	Maezawa Kyuso Industries Co.,Ltd.	1.44%	$22.77	15.91%
6506.T	YASKAWA Electric Corporation	1.44%	$68.32	30.92%
688092.SS	Hangzhou IECHO Science & Technology Co., Ltd.	1.44%	$0.36	55.35%
ISS.CO	ISS A/S	1.44%	$3.10	19.54%
003027.SZ	Tongxing Environmental Protection Technology Co.,Ltd	1.43%	$0.32	50.08%
0W19.L	Datagroup Se	1.43%	$1.00	34.00%
0YG7.L	Beijer Alma AB (publ)	1.43%	$4.12	46.18%
2427.T	OUTSOURCING Inc.	1.43%	$24.98	56.59%
300409.SZ	Guangdong Dowstone Technology Co., Ltd.	1.43%	$0.32	58.17%
600362.SS	Jiangxi Copper Company Limited	1.43%	$0.79	33.95%
600409.SS	Tangshan Sanyou Chemical Industries Co.,Ltd	1.43%	$0.09	81.03%
601858.SS	China Science Publishing & Media Ltd.	1.43%	$0.26	39.12%
603283.SS	Suzhou Secote Precision Electronic Co.,LTD	1.43%	$0.62	25.98%
603757.SS	Zhejiang Dayuan Pumps Industry Co., Ltd	1.43%	$0.63	58.53%
6479.T	MinebeaMitsumi Inc.	1.43%	$45.06	29.19%
7012.T	Kawasaki Heavy Industries, Ltd.	1.43%	$148.51	32.29%
9630.SR	Ratio Speciality Company for Trading	1.43%	$0.10	14.11%
G	Genpact Limited	1.43%	$0.66	20.93%
GIL	Gildan Activewear Inc.	1.43%	$0.90	28.59%
MRU.TO	Metro Inc.	1.43%	$1.42	30.52%
SIMINN.IC	Síminn hf.	1.43%	$0.21	33.47%
002568.SZ	Shanghai Bairun Investment Holding Group Co., Ltd.	1.42%	$0.31	46.41%
2270.HK	Desun Real Estate Investment Services Group Co., Ltd.	1.42%	$0.06	41.57%
300294.SZ	China Resources Boya Bio-pharmaceutical Group Co., Ltd.	1.42%	$0.32	49.45%
300433.SZ	Lens Technology Co., Ltd.	1.42%	$0.43	54.16%
300906.SZ	Jiangxi Everbright Measurement And Control Technology Co.,Ltd.	1.42%	$0.50	58.74%
301588.SZ	Newtechwood Corp	1.42%	$0.26	67.53%
4684.T	OBIC Co.,Ltd.	1.42%	$70.00	44.07%
600023.SS	Zhejiang Zheneng Electric Power Co., Ltd.	1.42%	$0.07	12.91%
600268.SS	Guodian Nanjing Automation Co., Ltd.	1.42%	$0.15	33.78%
605089.SS	Suzhou Weizhixiang Food Co., Ltd.	1.42%	$0.36	67.75%
688677.SS	Qingdao NovelBeam Technology Co.,Ltd.	1.42%	$0.61	52.58%
7456.T	MATSUDA SANGYO Co., Ltd.	1.42%	$75.07	17.79%
DNR.MI	Industrie De Nora S.p.A.	1.42%	$0.10	22.74%
000039.SZ	China International Marine Containers (Group) Co., Ltd.	1.41%	$0.14	31.30%
000778.SZ	Xinxing Ductile Iron Pipes Co., Ltd.	1.41%	$0.06	60.76%
002434.SZ	Zhejiang Wanliyang Co., Ltd.	1.41%	$0.13	54.38%
0354.HK	Chinasoft International Limited	1.41%	$0.07	16.05%
300298.SZ	Sinocare Inc.	1.41%	$0.24	47.22%
600063.SS	Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd	1.41%	$0.08	31.80%
603058.SS	GuiZhou YongJi Printing CO.,LTD	1.41%	$0.13	42.37%

Financial Statements

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Invesco Municipal Trust (VKQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener