DDM Analysis: 0QI7.L

Valuation Snapshot

Stable Growth	$1,252.88 - $1,476.10	$1,383.33
Multi-Stage	$264.39 - $289.50	$276.72
Blended Fair Value	$830.02
Current Price	$305.20
Upside	171.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.58%	14.21%	2.80	2.50	1.80	1.20	1.00	1.25	1.00	0.87	0.81	0.80
YoY Growth	-	-	12.02%	38.97%	50.15%	20.07%	-19.94%	24.91%	14.47%	7.80%	0.46%	8.50%
Dividend Yield	-	-	0.87%	0.94%	0.77%	0.90%	0.70%	1.33%	1.40%	1.76%	2.01%	3.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,003.00
(-) Cash Dividends Paid (M)	864.00
(=) Cash Retained (M)	1,139.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	400.60	250.38	150.23
Cash Retained (M)	1,139.00	1,139.00	1,139.00
(-) Cash Required (M)	-400.60	-250.38	-150.23
(=) Excess Retained (M)	738.40	888.63	988.78
(/) Shares Outstanding (M)	269.86	269.86	269.86
(=) Excess Retained per Share	2.74	3.29	3.66
LTM Dividend per Share	3.20	3.20	3.20
(+) Excess Retained per Share	2.74	3.29	3.66
(=) Adjusted Dividend	5.94	6.49	6.87
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,252.88	$1,383.33	$1,476.10
Upside / Downside	310.51%	353.25%	383.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,003.00	2,133.20	2,271.85	2,419.52	2,576.79	2,744.28	2,826.61
Payout Ratio	43.14%	52.51%	61.88%	71.25%	80.63%	90.00%	92.50%
Projected Dividends (M)	864.00	1,120.10	1,405.85	1,724.01	2,077.59	2,469.86	2,614.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,047.66	1,057.59	1,067.52
Year 2 PV (M)	1,229.89	1,253.31	1,276.96
Year 3 PV (M)	1,410.68	1,451.18	1,492.44
Year 4 PV (M)	1,590.06	1,651.21	1,714.10
Year 5 PV (M)	1,768.02	1,853.42	1,942.08
PV of Terminal Value (M)	64,302.95	67,408.81	70,633.53
Equity Value (M)	71,349.26	74,675.51	78,126.64
Shares Outstanding (M)	269.86	269.86	269.86
Fair Value	$264.39	$276.72	$289.50
Upside / Downside	-13.37%	-9.33%	-5.14%

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PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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Addtech AB (publ.) (0QI7.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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