DDM Analysis: TRS

Valuation Snapshot

Stable Growth	$9.31 - $14.10	$11.57
Multi-Stage	$18.63 - $20.53	$19.56
Blended Fair Value	$15.56
Current Price	$38.64
Upside	-59.72%
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%	0.16	0.16	0.17	0.04	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.04%	-2.62%	295.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.69%	0.62%	0.60%	0.13%	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)	44.08
(-) Cash Dividends Paid (M)	6.60
(=) Cash Retained (M)	37.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.82	5.51	3.31
Cash Retained (M)	37.48	37.48	37.48
(-) Cash Required (M)	-8.82	-5.51	-3.31
(=) Excess Retained (M)	28.66	31.97	34.17
(/) Shares Outstanding (M)	40.99	40.99	40.99
(=) Excess Retained per Share	0.70	0.78	0.83
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.70	0.78	0.83
(=) Adjusted Dividend	0.86	0.94	0.99
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.31	$11.57	$14.10
Upside / Downside	-75.90%	-70.07%	-63.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.08	43.64	43.20	42.77	42.34	41.92	43.18
Payout Ratio	14.97%	29.98%	44.98%	59.99%	74.99%	90.00%	92.50%
Projected Dividends (M)	6.60	13.08	19.43	25.66	31.75	37.73	39.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.10	12.22	12.34
Year 2 PV (M)	16.62	16.96	17.30
Year 3 PV (M)	20.29	20.91	21.55
Year 4 PV (M)	23.22	24.18	25.17
Year 5 PV (M)	25.50	26.83	28.22
PV of Terminal Value (M)	666.09	700.77	736.88
Equity Value (M)	763.80	801.87	841.47
Shares Outstanding (M)	40.99	40.99	40.99
Fair Value	$18.63	$19.56	$20.53
Upside / Downside	-51.78%	-49.38%	-46.88%

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TriMas Corporation (TRS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener