DDM Analysis: 0QNO.L

Valuation Snapshot

Stable Growth	$674.77 - $3,590.71	$1,337.20
Multi-Stage	$413.25 - $451.91	$432.22
Blended Fair Value	$884.71
Current Price	$565.00
Upside	56.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.14%	9.90%	3.99	3.61	3.09	3.12	2.83	2.83	2.86	2.22	1.82	1.82
YoY Growth	-	-	10.77%	16.59%	-0.89%	10.29%	0.00%	-0.97%	28.75%	22.14%	0.00%	16.96%
Dividend Yield	-	-	0.75%	1.02%	0.68%	0.41%	0.50%	0.80%	1.12%	0.84%	1.11%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,306.00
(-) Cash Dividends Paid (M)	569.00
(=) Cash Retained (M)	737.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	261.20	163.25	97.95
Cash Retained (M)	737.00	737.00	737.00
(-) Cash Required (M)	-261.20	-163.25	-97.95
(=) Excess Retained (M)	475.80	573.75	639.05
(/) Shares Outstanding (M)	72.09	72.09	72.09
(=) Excess Retained per Share	6.60	7.96	8.86
LTM Dividend per Share	7.89	7.89	7.89
(+) Excess Retained per Share	6.60	7.96	8.86
(=) Adjusted Dividend	14.49	15.85	16.76
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.14%	6.14%	7.14%
Fair Value	$674.77	$1,337.20	$3,590.71
Upside / Downside	19.43%	136.67%	535.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,306.00	1,386.19	1,471.31	1,561.65	1,657.54	1,759.31	1,812.09
Payout Ratio	43.57%	52.85%	62.14%	71.43%	80.71%	90.00%	92.50%
Projected Dividends (M)	569.00	732.66	914.28	1,115.44	1,337.86	1,583.38	1,676.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.14%	6.14%	7.14%
Year 1 PV (M)	675.77	682.19	688.62
Year 2 PV (M)	777.79	792.66	807.66
Year 3 PV (M)	875.23	900.44	926.13
Year 4 PV (M)	968.22	1,005.58	1,044.02
Year 5 PV (M)	1,056.92	1,108.14	1,161.34
PV of Terminal Value (M)	25,438.01	26,670.96	27,951.26
Equity Value (M)	29,791.93	31,159.98	32,579.03
Shares Outstanding (M)	72.09	72.09	72.09
Fair Value	$413.25	$432.22	$451.91
Upside / Downside	-26.86%	-23.50%	-20.02%

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Lonza Group AG (0QNO.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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