DDM Analysis: BVB.DE

Valuation Snapshot

Stable Growth	$11.96 - $50.08	$30.22
Multi-Stage	$6.73 - $7.38	$7.05
Blended Fair Value	$18.64
Current Price	$3.62
Upside	414.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.71%	0.76%	0.06	0.00	0.00	0.00	0.00	0.05	0.05	0.05	0.05	0.04
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	20.00%	-25.11%
Dividend Yield	-	-	1.66%	0.00%	0.00%	0.00%	0.00%	1.00%	0.56%	0.65%	0.63%	0.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.87
(-) Cash Dividends Paid (M)	6.62
(=) Cash Retained (M)	21.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.57	3.48	2.09
Cash Retained (M)	21.25	21.25	21.25
(-) Cash Required (M)	-5.57	-3.48	-2.09
(=) Excess Retained (M)	15.68	17.77	19.16
(/) Shares Outstanding (M)	110.10	110.10	110.10
(=) Excess Retained per Share	0.14	0.16	0.17
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.14	0.16	0.17
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.94%	5.94%	6.94%
Fair Value	$11.96	$30.22	$50.08
Upside / Downside	230.50%	734.92%	1,283.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.87	29.53	31.28	33.14	35.10	37.19	38.30
Payout Ratio	23.76%	37.01%	50.26%	63.50%	76.75%	90.00%	92.50%
Projected Dividends (M)	6.62	10.93	15.72	21.04	26.94	33.47	35.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.94%	5.94%	6.94%
Year 1 PV (M)	10.14	10.24	10.34
Year 2 PV (M)	13.55	13.80	14.07
Year 3 PV (M)	16.83	17.32	17.81
Year 4 PV (M)	20.00	20.78	21.57
Year 5 PV (M)	23.07	24.19	25.35
PV of Terminal Value (M)	657.78	689.73	722.90
Equity Value (M)	741.37	776.05	812.04
Shares Outstanding (M)	110.10	110.10	110.10
Fair Value	$6.73	$7.05	$7.38
Upside / Downside	86.02%	94.72%	103.75%

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Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien (BVB.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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