DDM Analysis: VKQ

Valuation Snapshot

Stable Growth	$6.00 - $8.20	$7.12
Multi-Stage	$18.82 - $20.80	$19.79
Blended Fair Value	$13.45
Current Price	$10.07
Upside	33.59%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.31%	-6.44%	0.42	0.42	0.50	0.62	0.60	0.58	0.63	0.72	0.78	0.82
YoY Growth	-	-	-0.80%	-16.34%	-19.57%	3.45%	4.54%	-8.00%	-12.68%	-7.47%	-4.85%	0.63%
Dividend Yield	-	-	4.14%	4.40%	5.30%	5.28%	4.64%	4.58%	5.27%	6.08%	6.15%	6.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.02
(-) Cash Dividends Paid (M)	46.29
(=) Cash Retained (M)	20.73

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)	20.73	20.73	20.73
(-) Cash Required (M)	-13.40	-8.38	-5.03
(=) Excess Retained (M)	7.33	12.36	15.71
(/) Shares Outstanding (M)	55.35	55.35	55.35
(=) Excess Retained per Share	0.13	0.22	0.28
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	0.13	0.22	0.28
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-8.31%	-7.31%	-6.31%
Fair Value	$6.00	$7.12	$8.20
Upside / Downside	-40.40%	-29.33%	-18.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.02	62.12	57.58	53.37	49.47	45.86	47.23
Payout Ratio	69.07%	73.25%	77.44%	81.63%	85.81%	90.00%	92.50%
Projected Dividends (M)	46.29	45.51	44.59	43.57	42.45	41.27	43.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-8.31%	-7.31%	-6.31%
Year 1 PV (M)	42.27	42.73	43.19
Year 2 PV (M)	38.48	39.32	40.17
Year 3 PV (M)	34.92	36.08	37.26
Year 4 PV (M)	31.61	33.01	34.46
Year 5 PV (M)	28.54	30.14	31.80
PV of Terminal Value (M)	865.69	913.94	964.32
Equity Value (M)	1,041.52	1,095.22	1,151.20
Shares Outstanding (M)	55.35	55.35	55.35
Fair Value	$18.82	$19.79	$20.80
Upside / Downside	86.87%	96.50%	106.55%

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CAST.ST	Castellum AB (publ)	1.26%	$1.33	21.53%
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HBEL.BO	Humming Bird Education Limited	1.26%	$0.30	36.54%
JCI	Johnson Controls International plc	1.26%	$1.54	56.71%
KOG.OL	Kongsberg Gruppen ASA	1.26%	$3.40	42.40%
OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
SAREGAMA.BO	Saregama India Limited	1.26%	$4.51	42.77%
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145720.KS	Dentium Co. Ltd.	1.25%	$599.51	9.81%
204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
9719.T	SCSK Corporation	1.25%	$70.95	36.13%
ENTER.AT	Entersoft S.A.	1.25%	$0.10	20.30%
ETN	Eaton Corporation plc	1.25%	$4.08	40.54%
IRFC.BO	Indian Railway Finance Corporation Limited	1.25%	$1.60	30.59%
LVC.WA	LiveChat Software S.A.	1.25%	$1.46	20.71%
ORSTED.CO	Ørsted A/S	1.25%	$1.60	10.19%
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002346.SZ	Shanghai Zhezhong Group Co.,Ltd	1.24%	$0.25	18.48%
002748.SZ	Jiangxi Selon Industrial Co., Ltd.	1.24%	$0.16	89.09%
1976.T	MEISEI INDUSTRIAL Co.,Ltd.	1.24%	$21.03	12.53%
300763.SZ	Ginlong Technologies Co., Ltd.	1.24%	$0.88	39.17%
600871.SS	Sinopec Oilfield Service Corporation	1.24%	$0.03	81.02%
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MTHH.CO	MT Højgaard Holding A/S	1.24%	$6.49	19.74%
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WRT1V.HE	Wärtsilä Oyj Abp	1.24%	$0.38	40.46%
041830.KQ	InBody Co.,Ltd	1.23%	$400.00	16.47%
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Invesco Municipal Trust (VKQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener