DDM Analysis: DIM.PA

Valuation Snapshot

Stable Growth	$108.21 - $457.70	$269.76
Multi-Stage	$54.09 - $59.18	$56.59
Blended Fair Value	$163.17
Current Price	$202.80
Upside	-19.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.01%	13.81%	0.69	1.36	1.19	0.64	0.32	0.54	0.43	0.40	0.31	0.20
YoY Growth	-	-	-49.43%	14.30%	85.22%	100.00%	-40.35%	23.91%	9.53%	25.96%	53.92%	8.46%
Dividend Yield	-	-	0.38%	0.52%	0.42%	0.17%	0.09%	0.29%	0.37%	0.54%	0.50%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	225.20
(-) Cash Dividends Paid (M)	67.10
(=) Cash Retained (M)	158.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.04	28.15	16.89
Cash Retained (M)	158.10	158.10	158.10
(-) Cash Required (M)	-45.04	-28.15	-16.89
(=) Excess Retained (M)	113.06	129.95	141.21
(/) Shares Outstanding (M)	97.85	97.85	97.85
(=) Excess Retained per Share	1.16	1.33	1.44
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	1.16	1.33	1.44
(=) Adjusted Dividend	1.84	2.01	2.13
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$108.21	$269.76	$457.70
Upside / Downside	-46.64%	33.02%	125.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	225.20	239.84	255.43	272.03	289.71	308.54	317.80
Payout Ratio	29.80%	41.84%	53.88%	65.92%	77.96%	90.00%	92.50%
Projected Dividends (M)	67.10	100.34	137.62	179.32	225.86	277.69	293.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	92.64	93.52	94.40
Year 2 PV (M)	117.31	119.54	121.80
Year 3 PV (M)	141.12	145.17	149.30
Year 4 PV (M)	164.11	170.42	176.91
Year 5 PV (M)	186.28	195.28	204.62
PV of Terminal Value (M)	4,591.38	4,813.15	5,043.40
Equity Value (M)	5,292.84	5,537.08	5,790.43
Shares Outstanding (M)	97.85	97.85	97.85
Fair Value	$54.09	$56.59	$59.18
Upside / Downside	-73.33%	-72.10%	-70.82%

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Sartorius Stedim Biotech S.A. (DIM.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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