DDM Analysis: 0RAR.L

Valuation Snapshot

Stable Growth	$16.27 - $28.76	$21.56
Multi-Stage	$24.97 - $27.39	$26.15
Blended Fair Value	$23.86
Current Price	$26.20
Upside	-8.94%
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	-7.38%	-0.53%	0.55	0.97	0.95	0.90	0.83	0.81	0.78	0.75	0.73	0.68
YoY Growth	-	-	-43.28%	2.33%	5.80%	7.80%	2.96%	2.92%	4.43%	2.75%	7.72%	16.91%
Dividend Yield	-	-	2.26%	2.58%	1.51%	0.89%	0.72%	1.14%	1.29%	1.02%	1.30%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.70
(-) Cash Dividends Paid (M)	7.29
(=) Cash Retained (M)	7.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.94	1.84	1.10
Cash Retained (M)	7.41	7.41	7.41
(-) Cash Required (M)	-2.94	-1.84	-1.10
(=) Excess Retained (M)	4.47	5.57	6.30
(/) Shares Outstanding (M)	12.16	12.16	12.16
(=) Excess Retained per Share	0.37	0.46	0.52
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.37	0.46	0.52
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Fair Value	$16.27	$21.56	$28.76
Upside / Downside	-37.89%	-17.70%	9.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.70	15.00	15.31	15.63	15.95	16.27	16.76
Payout Ratio	49.62%	57.69%	65.77%	73.85%	81.92%	90.00%	92.50%
Projected Dividends (M)	7.29	8.66	10.07	11.54	13.06	14.65	15.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Year 1 PV (M)	8.01	8.08	8.16
Year 2 PV (M)	8.61	8.79	8.96
Year 3 PV (M)	9.13	9.40	9.68
Year 4 PV (M)	9.56	9.94	10.34
Year 5 PV (M)	9.91	10.41	10.93
PV of Terminal Value (M)	258.28	271.32	284.87
Equity Value (M)	303.50	317.95	332.95
Shares Outstanding (M)	12.16	12.16	12.16
Fair Value	$24.97	$26.15	$27.39
Upside / Downside	-4.71%	-0.17%	4.54%

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Stratec SE (0RAR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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