DDM Analysis: TCM.CO

Valuation Snapshot

Stable Growth	$46.00 - $66.44	$55.95
Multi-Stage	$77.46 - $84.99	$81.15
Blended Fair Value	$68.55
Current Price	$73.60
Upside	-6.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	5.20	12.44	0.00	4.54	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-58.15%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	7.77%	9.87%	0.00%	4.95%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.00
(-) Cash Dividends Paid (M)	31.00
(=) Cash Retained (M)	36.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.40	8.38	5.03
Cash Retained (M)	36.00	36.00	36.00
(-) Cash Required (M)	-13.40	-8.38	-5.03
(=) Excess Retained (M)	22.60	27.63	30.98
(/) Shares Outstanding (M)	10.45	10.45	10.45
(=) Excess Retained per Share	2.16	2.64	2.96
LTM Dividend per Share	2.97	2.97	2.97
(+) Excess Retained per Share	2.16	2.64	2.96
(=) Adjusted Dividend	5.13	5.61	5.93
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$46.00	$55.95	$66.44
Upside / Downside	-37.50%	-23.98%	-9.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.00	66.33	65.67	65.01	64.36	63.72	65.63
Payout Ratio	46.27%	55.01%	63.76%	72.51%	81.25%	90.00%	92.50%
Projected Dividends (M)	31.00	36.49	41.87	47.14	52.29	57.34	60.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	33.16	33.50	33.84
Year 2 PV (M)	34.58	35.29	36.01
Year 3 PV (M)	35.38	36.48	37.59
Year 4 PV (M)	35.67	37.15	38.68
Year 5 PV (M)	35.55	37.40	39.33
PV of Terminal Value (M)	635.44	668.53	702.98
Equity Value (M)	809.79	848.35	888.43
Shares Outstanding (M)	10.45	10.45	10.45
Fair Value	$77.46	$81.15	$84.99
Upside / Downside	5.25%	10.26%	15.47%

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TCM Group A/S (TCM.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener