DDM Analysis: SY1.DE

Valuation Snapshot

Stable Growth	$310.61 - $721.72	$676.36
Multi-Stage	$106.50 - $116.59	$111.45
Blended Fair Value	$393.90
Current Price	$89.14
Upside	341.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.75%	6.18%	1.10	1.05	1.02	0.94	0.92	0.87	0.82	0.81	0.77	0.72
YoY Growth	-	-	4.76%	2.94%	8.53%	2.11%	5.56%	6.70%	0.71%	4.91%	7.35%	19.30%
Dividend Yield	-	-	1.15%	0.96%	1.02%	0.86%	0.89%	1.03%	1.01%	1.24%	1.24%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	506.90
(-) Cash Dividends Paid (M)	167.73
(=) Cash Retained (M)	339.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.38	63.36	38.02
Cash Retained (M)	339.18	339.18	339.18
(-) Cash Required (M)	-101.38	-63.36	-38.02
(=) Excess Retained (M)	237.80	275.81	301.16
(/) Shares Outstanding (M)	139.68	139.68	139.68
(=) Excess Retained per Share	1.70	1.97	2.16
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	1.70	1.97	2.16
(=) Adjusted Dividend	2.90	3.18	3.36
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$310.61	$676.36	$721.72
Upside / Downside	248.45%	658.76%	709.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	506.90	539.85	574.94	612.31	652.11	694.50	715.34
Payout Ratio	33.09%	44.47%	55.85%	67.24%	78.62%	90.00%	92.50%
Projected Dividends (M)	167.73	240.08	321.12	411.69	512.68	625.05	661.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	223.34	225.45	227.57
Year 2 PV (M)	277.90	283.19	288.54
Year 3 PV (M)	331.44	340.95	350.65
Year 4 PV (M)	383.96	398.72	413.91
Year 5 PV (M)	435.48	456.51	478.35
PV of Terminal Value (M)	13,223.97	13,862.69	14,525.86
Equity Value (M)	14,876.08	15,567.52	16,284.87
Shares Outstanding (M)	139.68	139.68	139.68
Fair Value	$106.50	$111.45	$116.59
Upside / Downside	19.48%	25.03%	30.79%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
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Symrise AG (SY1.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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