DDM Analysis: TNC

Valuation Snapshot

Stable Growth	$47.27 - $92.16	$65.07
Multi-Stage	$55.74 - $61.06	$58.35
Blended Fair Value	$61.71
Current Price	$81.06
Upside	-23.87%
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	5.99%	3.98%	1.14	1.07	1.00	0.93	0.87	0.85	0.82	0.79	0.76	0.77
YoY Growth	-	-	6.47%	6.35%	8.00%	7.36%	1.88%	4.28%	2.61%	4.62%	-1.41%	0.08%
Dividend Yield	-	-	1.43%	0.87%	1.47%	1.18%	1.08%	1.47%	1.32%	1.17%	1.05%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.80
(-) Cash Dividends Paid (M)	21.90
(=) Cash Retained (M)	32.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.96	6.85	4.11
Cash Retained (M)	32.90	32.90	32.90
(-) Cash Required (M)	-10.96	-6.85	-4.11
(=) Excess Retained (M)	21.94	26.05	28.79
(/) Shares Outstanding (M)	18.81	18.81	18.81
(=) Excess Retained per Share	1.17	1.38	1.53
LTM Dividend per Share	1.16	1.16	1.16
(+) Excess Retained per Share	1.17	1.38	1.53
(=) Adjusted Dividend	2.33	2.55	2.69
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.58%	3.58%	4.58%
Fair Value	$47.27	$65.07	$92.16
Upside / Downside	-41.69%	-19.73%	13.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.80	56.76	58.80	60.90	63.09	65.35	67.31
Payout Ratio	39.96%	49.97%	59.98%	69.99%	79.99%	90.00%	92.50%
Projected Dividends (M)	21.90	28.37	35.27	42.62	50.46	58.81	62.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.58%	3.58%	4.58%
Year 1 PV (M)	26.10	26.35	26.61
Year 2 PV (M)	29.85	30.44	31.03
Year 3 PV (M)	33.20	34.18	35.18
Year 4 PV (M)	36.16	37.59	39.06
Year 5 PV (M)	38.77	40.70	42.70
PV of Terminal Value (M)	884.33	928.28	973.96
Equity Value (M)	1,048.40	1,097.53	1,148.53
Shares Outstanding (M)	18.81	18.81	18.81
Fair Value	$55.74	$58.35	$61.06
Upside / Downside	-31.24%	-28.02%	-24.67%

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Tennant Company (TNC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener