DDM Analysis: 0Q3C.L

Valuation Snapshot

Stable Growth	$25.84 - $38.57	$31.89
Multi-Stage	$48.08 - $52.96	$50.47
Blended Fair Value	$41.18
Current Price	$46.56
Upside	-11.55%
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%	0.21	0.21	0.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	25.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.62%	0.57%	0.74%	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)	56.74
(-) Cash Dividends Paid (M)	5.74
(=) Cash Retained (M)	51.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.35	7.09	4.26
Cash Retained (M)	51.00	51.00	51.00
(-) Cash Required (M)	-11.35	-7.09	-4.26
(=) Excess Retained (M)	39.65	43.91	46.75
(/) Shares Outstanding (M)	18.05	18.05	18.05
(=) Excess Retained per Share	2.20	2.43	2.59
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	2.20	2.43	2.59
(=) Adjusted Dividend	2.51	2.75	2.91
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$25.84	$31.89	$38.57
Upside / Downside	-44.51%	-31.51%	-17.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.74	56.17	55.61	55.05	54.50	53.96	55.58
Payout Ratio	10.11%	26.09%	42.06%	58.04%	74.02%	90.00%	92.50%
Projected Dividends (M)	5.74	14.65	23.39	31.95	40.34	48.56	51.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13.49	13.63	13.76
Year 2 PV (M)	19.82	20.23	20.64
Year 3 PV (M)	24.92	25.69	26.48
Year 4 PV (M)	28.96	30.17	31.40
Year 5 PV (M)	32.09	33.76	35.50
PV of Terminal Value (M)	748.56	787.54	828.13
Equity Value (M)	867.85	911.02	955.92
Shares Outstanding (M)	18.05	18.05	18.05
Fair Value	$48.08	$50.47	$52.96
Upside / Downside	3.27%	8.41%	13.75%

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SÜSS MicroTec SE (0Q3C.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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