DDM Analysis: IIA.VI

Valuation Snapshot

Stable Growth	$11.12 - $18.43	$14.35
Multi-Stage	$21.99 - $24.21	$23.08
Blended Fair Value	$18.71
Current Price	$14.92
Upside	25.43%
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%	0.00	0.14	0.00	0.67	0.00	0.64	0.56	0.46	0.63	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	0.00%	-100.00%	13.07%	23.40%	-27.36%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.61%	0.00%	2.92%	0.00%	3.93%	2.53%	2.17%	3.52%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.66
(-) Cash Dividends Paid (M)	23.44
(=) Cash Retained (M)	110.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.73	16.71	10.02
Cash Retained (M)	110.22	110.22	110.22
(-) Cash Required (M)	-26.73	-16.71	-10.02
(=) Excess Retained (M)	83.48	93.51	100.19
(/) Shares Outstanding (M)	137.97	137.97	137.97
(=) Excess Retained per Share	0.61	0.68	0.73
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.61	0.68	0.73
(=) Adjusted Dividend	0.77	0.85	0.90
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-0.58%	0.42%	1.42%
Fair Value	$11.12	$14.35	$18.43
Upside / Downside	-25.50%	-3.82%	23.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.66	134.22	134.79	135.36	135.93	136.51	140.60
Payout Ratio	17.54%	32.03%	46.52%	61.02%	75.51%	90.00%	92.50%
Projected Dividends (M)	23.44	42.99	62.71	82.59	102.64	122.86	130.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-0.58%	0.42%	1.42%
Year 1 PV (M)	40.02	40.42	40.83
Year 2 PV (M)	54.34	55.44	56.55
Year 3 PV (M)	66.62	68.65	70.72
Year 4 PV (M)	77.07	80.22	83.46
Year 5 PV (M)	85.88	90.29	94.87
PV of Terminal Value (M)	2,710.24	2,849.30	2,994.02
Equity Value (M)	3,034.17	3,184.32	3,340.46
Shares Outstanding (M)	137.97	137.97	137.97
Fair Value	$21.99	$23.08	$24.21
Upside / Downside	47.39%	54.69%	62.27%

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Immofinanz AG (IIA.VI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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