DDM Analysis: CRH

Valuation Snapshot

Stable Growth	$301.57 - $939.70	$880.64
Multi-Stage	$125.95 - $137.83	$131.78
Blended Fair Value	$506.21
Current Price	$91.80
Upside	451.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.16%	16.65%	2.43	1.26	1.26	1.17	0.85	0.86	0.80	0.69	0.52	0.56
YoY Growth	-	-	93.41%	-0.58%	7.58%	37.54%	-0.43%	7.58%	15.21%	33.24%	-7.12%	7.37%
Dividend Yield	-	-	2.76%	1.48%	2.48%	2.22%	2.45%	2.38%	3.47%	2.30%	1.59%	2.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,205.49
(-) Cash Dividends Paid (M)	1,077.78
(=) Cash Retained (M)	2,127.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	641.10	400.69	240.41
Cash Retained (M)	2,127.71	2,127.71	2,127.71
(-) Cash Required (M)	-641.10	-400.69	-240.41
(=) Excess Retained (M)	1,486.62	1,727.03	1,887.30
(/) Shares Outstanding (M)	678.40	678.40	678.40
(=) Excess Retained per Share	2.19	2.55	2.78
LTM Dividend per Share	1.59	1.59	1.59
(+) Excess Retained per Share	2.19	2.55	2.78
(=) Adjusted Dividend	3.78	4.13	4.37
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$301.57	$880.64	$939.70
Upside / Downside	228.51%	859.30%	923.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,205.49	3,413.85	3,635.75	3,872.07	4,123.75	4,391.80	4,523.55
Payout Ratio	33.62%	44.90%	56.17%	67.45%	78.72%	90.00%	92.50%
Projected Dividends (M)	1,077.78	1,532.76	2,042.33	2,611.68	3,246.41	3,952.62	4,184.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,421.39	1,434.87	1,448.34
Year 2 PV (M)	1,756.34	1,789.79	1,823.56
Year 3 PV (M)	2,082.77	2,142.56	2,203.48
Year 4 PV (M)	2,400.85	2,493.18	2,588.15
Year 5 PV (M)	2,710.74	2,841.67	2,977.61
PV of Terminal Value (M)	75,073.55	78,699.64	82,464.50
Equity Value (M)	85,445.64	89,401.69	93,505.62
Shares Outstanding (M)	678.40	678.40	678.40
Fair Value	$125.95	$131.78	$137.83
Upside / Downside	37.20%	43.55%	50.14%

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CRH plc (CRH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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