DDM Analysis: TGHN.DE

Valuation Snapshot

Stable Growth	$310.31 - $436.67	$372.98
Multi-Stage	$330.67 - $358.69	$344.44
Blended Fair Value	$358.71
Current Price	$238.00
Upside	50.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.90%	0.00%	14.00	24.00	6.00	3.50	3.51	3.51	2.50	2.00	0.00	0.00
YoY Growth	-	-	-41.67%	300.01%	71.33%	-0.11%	-0.01%	39.99%	25.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.83%	9.30%	2.22%	1.28%	2.35%	2.21%	2.07%	1.47%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.56
(-) Cash Dividends Paid (M)	77.16
(=) Cash Retained (M)	56.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.71	16.70	10.02
Cash Retained (M)	56.40	56.40	56.40
(-) Cash Required (M)	-26.71	-16.70	-10.02
(=) Excess Retained (M)	29.69	39.70	46.38
(/) Shares Outstanding (M)	2.88	2.88	2.88
(=) Excess Retained per Share	10.31	13.79	16.11
LTM Dividend per Share	26.80	26.80	26.80
(+) Excess Retained per Share	10.31	13.79	16.11
(=) Adjusted Dividend	37.11	40.59	42.91
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	3.00%	4.00%	5.00%
Fair Value	$310.31	$372.98	$436.67
Upside / Downside	30.38%	56.71%	83.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.56	138.90	144.45	150.22	156.23	162.47	167.35
Payout Ratio	57.77%	64.22%	70.66%	77.11%	83.55%	90.00%	92.50%
Projected Dividends (M)	77.16	89.20	102.07	115.84	130.54	146.23	154.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	3.00%	4.00%	5.00%
Year 1 PV (M)	76.61	77.35	78.10
Year 2 PV (M)	75.29	76.76	78.25
Year 3 PV (M)	73.39	75.54	77.74
Year 4 PV (M)	71.03	73.82	76.71
Year 5 PV (M)	68.33	71.71	75.23
PV of Terminal Value (M)	587.43	616.51	646.73
Equity Value (M)	952.08	991.71	1,032.75
Shares Outstanding (M)	2.88	2.88	2.88
Fair Value	$330.67	$344.44	$358.69
Upside / Downside	38.94%	44.72%	50.71%

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Logwin AG (TGHN.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener