DDM Analysis: 0REW.L

Valuation Snapshot

Stable Growth	$38.81 - $60.00	$48.64
Multi-Stage	$86.31 - $95.15	$90.64
Blended Fair Value	$69.64
Current Price	$46.20
Upside	50.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-0.02%	0.00%	0.58	0.58	0.58	0.58	0.58	0.58	0.58	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-0.10%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.65%	2.35%	2.16%	2.18%	2.19%	2.10%	2.52%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.86
(-) Cash Dividends Paid (M)	1.93
(=) Cash Retained (M)	11.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.77	1.73	1.04
Cash Retained (M)	11.93	11.93	11.93
(-) Cash Required (M)	-2.77	-1.73	-1.04
(=) Excess Retained (M)	9.16	10.20	10.89
(/) Shares Outstanding (M)	3.32	3.32	3.32
(=) Excess Retained per Share	2.76	3.08	3.28
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	2.76	3.08	3.28
(=) Adjusted Dividend	3.35	3.66	3.87
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.02%	-1.02%	-0.02%
Fair Value	$38.81	$48.64	$60.00
Upside / Downside	-16.00%	5.28%	29.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.86	13.72	13.58	13.44	13.31	13.17	13.57
Payout Ratio	13.95%	29.16%	44.37%	59.58%	74.79%	90.00%	92.50%
Projected Dividends (M)	1.93	4.00	6.03	8.01	9.95	11.85	12.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.02%	-1.02%	-0.02%
Year 1 PV (M)	3.72	3.76	3.80
Year 2 PV (M)	5.21	5.32	5.43
Year 3 PV (M)	6.45	6.64	6.85
Year 4 PV (M)	7.45	7.76	8.08
Year 5 PV (M)	8.25	8.68	9.13
PV of Terminal Value (M)	255.09	268.37	282.21
Equity Value (M)	286.17	300.54	315.49
Shares Outstanding (M)	3.32	3.32	3.32
Fair Value	$86.31	$90.64	$95.15
Upside / Downside	86.82%	96.20%	105.96%

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Züblin Immobilien Holding AG (0REW.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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