DDM Analysis: MMK.VI

Valuation Snapshot

Stable Growth	$119.03 - $188.55	$150.75
Multi-Stage	$259.20 - $285.65	$272.16
Blended Fair Value	$211.46
Current Price	$76.40
Upside	176.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.06%	-10.98%	1.51	4.23	3.53	3.22	3.22	3.22	3.12	3.02	1.21	4.23
YoY Growth	-	-	-64.29%	20.00%	9.38%	0.00%	0.00%	3.23%	3.33%	150.00%	-71.43%	-12.50%
Dividend Yield	-	-	1.92%	3.80%	2.30%	2.00%	1.84%	2.85%	2.74%	2.45%	1.11%	4.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235.06
(-) Cash Dividends Paid (M)	35.35
(=) Cash Retained (M)	199.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.01	29.38	17.63
Cash Retained (M)	199.70	199.70	199.70
(-) Cash Required (M)	-47.01	-29.38	-17.63
(=) Excess Retained (M)	152.69	170.32	182.07
(/) Shares Outstanding (M)	19.86	19.86	19.86
(=) Excess Retained per Share	7.69	8.58	9.17
LTM Dividend per Share	1.78	1.78	1.78
(+) Excess Retained per Share	7.69	8.58	9.17
(=) Adjusted Dividend	9.47	10.36	10.95
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-1.52%	-0.52%	0.48%
Fair Value	$119.03	$150.75	$188.55
Upside / Downside	55.80%	97.32%	146.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235.06	233.84	232.63	231.42	230.22	229.02	235.90
Payout Ratio	15.04%	30.03%	45.02%	60.02%	75.01%	90.00%	92.50%
Projected Dividends (M)	35.35	70.23	104.74	138.89	172.68	206.12	218.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-1.52%	-0.52%	0.48%
Year 1 PV (M)	65.39	66.05	66.72
Year 2 PV (M)	90.81	92.66	94.53
Year 3 PV (M)	112.12	115.57	119.09
Year 4 PV (M)	129.80	135.16	140.67
Year 5 PV (M)	144.27	151.74	159.53
PV of Terminal Value (M)	4,604.21	4,842.76	5,091.11
Equity Value (M)	5,146.60	5,403.95	5,671.65
Shares Outstanding (M)	19.86	19.86	19.86
Fair Value	$259.20	$272.16	$285.65
Upside / Downside	239.27%	256.23%	273.88%

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Mayr-Melnhof Karton AG (MMK.VI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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