DDM Analysis: 2GB.DE

Valuation Snapshot

Stable Growth	$192.49 - $471.30	$441.67
Multi-Stage	$67.65 - $74.09	$70.81
Blended Fair Value	$256.24
Current Price	$31.05
Upside	725.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.88%	6.41%	0.17	0.14	0.13	0.11	0.11	0.11	0.10	0.10	0.09	0.09
YoY Growth	-	-	21.43%	12.00%	11.11%	1.24%	0.00%	7.14%	5.00%	8.11%	0.00%	0.00%
Dividend Yield	-	-	0.74%	0.63%	0.53%	0.44%	0.49%	0.99%	1.93%	2.17%	1.99%	1.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.51
(-) Cash Dividends Paid (M)	6.64
(=) Cash Retained (M)	35.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.50	5.31	3.19
Cash Retained (M)	35.88	35.88	35.88
(-) Cash Required (M)	-8.50	-5.31	-3.19
(=) Excess Retained (M)	27.37	30.56	32.69
(/) Shares Outstanding (M)	17.94	17.94	17.94
(=) Excess Retained per Share	1.53	1.70	1.82
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	1.53	1.70	1.82
(=) Adjusted Dividend	1.90	2.07	2.19
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$192.49	$441.67	$471.30
Upside / Downside	519.94%	1,322.46%	1,417.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.51	45.28	48.22	51.36	54.69	58.25	60.00
Payout Ratio	15.61%	30.49%	45.37%	60.25%	75.12%	90.00%	92.50%
Projected Dividends (M)	6.64	13.81	21.88	30.94	41.09	52.42	55.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12.84	12.96	13.08
Year 2 PV (M)	18.91	19.27	19.64
Year 3 PV (M)	24.87	25.58	26.31
Year 4 PV (M)	30.71	31.89	33.11
Year 5 PV (M)	36.43	38.19	40.02
PV of Terminal Value (M)	1,089.79	1,142.43	1,197.08
Equity Value (M)	1,213.56	1,270.33	1,329.24
Shares Outstanding (M)	17.94	17.94	17.94
Fair Value	$67.65	$70.81	$74.09
Upside / Downside	117.86%	128.05%	138.63%

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2G Energy AG (2GB.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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