DDM Analysis: STE

Valuation Snapshot

Stable Growth	$221.58 - $1,059.77	$392.59
Multi-Stage	$135.37 - $147.95	$141.55
Blended Fair Value	$267.07
Current Price	$247.44
Upside	7.93%
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	12.31%	15.18%	2.22	2.03	1.86	1.65	1.35	1.24	1.14	1.04	0.94	0.66
YoY Growth	-	-	9.63%	9.30%	12.46%	21.92%	8.78%	9.36%	9.30%	10.45%	42.93%	21.85%
Dividend Yield	-	-	0.93%	0.93%	0.83%	0.80%	0.66%	0.81%	0.76%	0.99%	1.16%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	688.51
(-) Cash Dividends Paid (M)	230.30
(=) Cash Retained (M)	458.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	137.70	86.06	51.64
Cash Retained (M)	458.20	458.20	458.20
(-) Cash Required (M)	-137.70	-86.06	-51.64
(=) Excess Retained (M)	320.50	372.14	406.57
(/) Shares Outstanding (M)	98.82	98.82	98.82
(=) Excess Retained per Share	3.24	3.77	4.11
LTM Dividend per Share	2.33	2.33	2.33
(+) Excess Retained per Share	3.24	3.77	4.11
(=) Adjusted Dividend	5.57	6.10	6.44
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$221.58	$392.59	$1,059.77
Upside / Downside	-10.45%	58.66%	328.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	688.51	733.26	780.92	831.68	885.74	943.31	971.61
Payout Ratio	33.45%	44.76%	56.07%	67.38%	78.69%	90.00%	92.50%
Projected Dividends (M)	230.30	328.20	437.86	560.38	696.99	848.98	898.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	300.61	303.46	306.31
Year 2 PV (M)	367.33	374.33	381.39
Year 3 PV (M)	430.60	442.96	455.55
Year 4 PV (M)	490.54	509.40	528.80
Year 5 PV (M)	547.27	573.71	601.15
PV of Terminal Value (M)	11,241.46	11,784.43	12,348.17
Equity Value (M)	13,377.81	13,988.28	14,621.38
Shares Outstanding (M)	98.82	98.82	98.82
Fair Value	$135.37	$141.55	$147.95
Upside / Downside	-45.29%	-42.80%	-40.21%

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STERIS plc (STE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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