DDM Analysis: VZUG.SW

Valuation Snapshot

Stable Growth	$43.96 - $67.97	$55.10
Multi-Stage	$97.66 - $107.64	$102.55
Blended Fair Value	$78.83
Current Price	$64.80
Upside	21.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	2.34	4.68	7.02	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	-50.00%	-33.33%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	3.30%	6.59%	9.89%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.35
(-) Cash Dividends Paid (M)	5.78
(=) Cash Retained (M)	24.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.07	3.79	2.28
Cash Retained (M)	24.57	24.57	24.57
(-) Cash Required (M)	-6.07	-3.79	-2.28
(=) Excess Retained (M)	18.50	20.78	22.30
(/) Shares Outstanding (M)	6.41	6.41	6.41
(=) Excess Retained per Share	2.89	3.24	3.48
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	2.89	3.24	3.48
(=) Adjusted Dividend	3.79	4.14	4.38
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$43.96	$55.10	$67.97
Upside / Downside	-32.16%	-14.97%	4.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.35	30.05	29.75	29.45	29.15	28.86	29.73
Payout Ratio	19.03%	33.23%	47.42%	61.61%	75.81%	90.00%	92.50%
Projected Dividends (M)	5.78	9.98	14.11	18.14	22.10	25.98	27.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	9.28	9.38	9.47
Year 2 PV (M)	12.20	12.45	12.70
Year 3 PV (M)	14.59	15.04	15.50
Year 4 PV (M)	16.53	17.22	17.92
Year 5 PV (M)	18.07	19.01	19.99
PV of Terminal Value (M)	555.27	584.19	614.29
Equity Value (M)	625.95	657.29	689.89
Shares Outstanding (M)	6.41	6.41	6.41
Fair Value	$97.66	$102.55	$107.64
Upside / Downside	50.72%	58.26%	66.11%

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V-ZUG Holding AG (VZUG.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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