DDM Analysis: 0R6S.L

Valuation Snapshot

Stable Growth	$55.52 - $103.81	$75.21
Multi-Stage	$95.16 - $104.44	$99.71
Blended Fair Value	$87.46
Current Price	$71.68
Upside	22.02%
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	13.43%	11.26%	1.40	1.88	1.84	1.21	0.70	0.75	0.46	0.93	0.00	1.01
YoY Growth	-	-	-25.24%	1.98%	51.88%	72.73%	-6.10%	64.00%	-50.98%	0.00%	-100.00%	109.43%
Dividend Yield	-	-	2.92%	3.26%	3.26%	1.35%	1.28%	1.78%	1.56%	2.72%	0.00%	2.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.90
(-) Cash Dividends Paid (M)	27.20
(=) Cash Retained (M)	13.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.18	5.11	3.07
Cash Retained (M)	13.70	13.70	13.70
(-) Cash Required (M)	-8.18	-5.11	-3.07
(=) Excess Retained (M)	5.52	8.59	10.63
(/) Shares Outstanding (M)	10.98	10.98	10.98
(=) Excess Retained per Share	0.50	0.78	0.97
LTM Dividend per Share	2.48	2.48	2.48
(+) Excess Retained per Share	0.50	0.78	0.97
(=) Adjusted Dividend	2.98	3.26	3.44
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	0.90%	1.90%	2.90%
Fair Value	$55.52	$75.21	$103.81
Upside / Downside	-22.55%	4.93%	44.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.90	41.68	42.47	43.28	44.10	44.94	46.29
Payout Ratio	66.50%	71.20%	75.90%	80.60%	85.30%	90.00%	92.50%
Projected Dividends (M)	27.20	29.68	32.24	34.88	37.62	40.45	42.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	0.90%	1.90%	2.90%
Year 1 PV (M)	27.64	27.91	28.19
Year 2 PV (M)	27.96	28.52	29.08
Year 3 PV (M)	28.18	29.03	29.89
Year 4 PV (M)	28.31	29.45	30.62
Year 5 PV (M)	28.34	29.78	31.27
PV of Terminal Value (M)	904.92	950.66	998.23
Equity Value (M)	1,045.35	1,095.34	1,147.28
Shares Outstanding (M)	10.98	10.98	10.98
Fair Value	$95.16	$99.71	$104.44
Upside / Downside	32.76%	39.11%	45.70%

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Zehnder Group AG (0R6S.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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