DDM Analysis: QB7.DE

Valuation Snapshot

Stable Growth	$16.26 - $88.80	$29.53
Multi-Stage	$11.79 - $12.92	$12.34
Blended Fair Value	$20.94
Current Price	$3.68
Upside	468.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.67%	0.00%	0.11	0.09	0.14	0.00	0.00	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	22.22%	-35.71%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.04%	2.54%	4.24%	0.00%	0.00%	1.94%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21.53
(-) Cash Dividends Paid (M)	3.91
(=) Cash Retained (M)	17.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.31	2.69	1.62
Cash Retained (M)	17.63	17.63	17.63
(-) Cash Required (M)	-4.31	-2.69	-1.62
(=) Excess Retained (M)	13.32	14.94	16.01
(/) Shares Outstanding (M)	43.41	43.41	43.41
(=) Excess Retained per Share	0.31	0.34	0.37
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.31	0.34	0.37
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.48%	5.48%	6.48%
Fair Value	$16.26	$29.53	$88.80
Upside / Downside	341.80%	702.54%	2,313.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21.53	22.71	23.96	25.27	26.66	28.12	28.96
Payout Ratio	18.14%	32.52%	46.89%	61.26%	75.63%	90.00%	92.50%
Projected Dividends (M)	3.91	7.39	11.23	15.48	20.16	25.31	26.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.48%	5.48%	6.48%
Year 1 PV (M)	6.84	6.90	6.97
Year 2 PV (M)	9.62	9.81	9.99
Year 3 PV (M)	12.27	12.63	12.99
Year 4 PV (M)	14.79	15.36	15.95
Year 5 PV (M)	17.18	18.02	18.89
PV of Terminal Value (M)	451.11	473.11	495.97
Equity Value (M)	511.80	535.83	560.76
Shares Outstanding (M)	43.41	43.41	43.41
Fair Value	$11.79	$12.34	$12.92
Upside / Downside	220.36%	235.40%	251.00%

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Quirin Privatbank AG (QB7.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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