DDM Analysis: SPITZE.BO

Valuation Snapshot

Stable Growth	$40.96 - $58.76	$49.66
Multi-Stage	$63.15 - $69.49	$66.26
Blended Fair Value	$57.96
Current Price	$86.00
Upside	-32.60%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.25	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.21%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.74
(-) Cash Dividends Paid (M)	3.78
(=) Cash Retained (M)	84.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.75	11.09	6.66
Cash Retained (M)	84.97	84.97	84.97
(-) Cash Required (M)	-17.75	-11.09	-6.66
(=) Excess Retained (M)	67.22	73.88	78.31
(/) Shares Outstanding (M)	15.09	15.09	15.09
(=) Excess Retained per Share	4.45	4.90	5.19
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	4.45	4.90	5.19
(=) Adjusted Dividend	4.70	5.15	5.44
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$40.96	$49.66	$58.76
Upside / Downside	-52.38%	-42.25%	-31.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.74	87.86	86.98	86.11	85.25	84.39	86.93
Payout Ratio	4.25%	21.40%	38.55%	55.70%	72.85%	90.00%	92.50%
Projected Dividends (M)	3.78	18.80	33.53	47.96	62.10	75.95	80.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	17.04	17.21	17.38
Year 2 PV (M)	27.53	28.09	28.66
Year 3 PV (M)	35.67	36.78	37.90
Year 4 PV (M)	41.85	43.58	45.37
Year 5 PV (M)	46.37	48.79	51.30
PV of Terminal Value (M)	784.59	825.44	867.98
Equity Value (M)	953.04	999.89	1,048.60
Shares Outstanding (M)	15.09	15.09	15.09
Fair Value	$63.15	$66.26	$69.49
Upside / Downside	-26.57%	-22.96%	-19.20%

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Maruti Interior Products Limit (SPITZE.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener