DDM Analysis: ROTH.PA

Valuation Snapshot

Stable Growth	$347.28 - $1,123.78	$1,053.14
Multi-Stage	$146.35 - $160.27	$153.19
Blended Fair Value	$603.17
Current Price	$46.55
Upside	1,195.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	35.39%	0.00%	2.76	1.77	0.04	0.79	0.72	0.61	0.58	0.47	1.26	0.00
YoY Growth	-	-	56.01%	4,862.06%	-95.50%	10.34%	18.27%	5.59%	21.32%	-62.23%	0.00%	0.00%
Dividend Yield	-	-	7.40%	4.39%	0.14%	3.10%	2.51%	1.90%	2.68%	1.66%	7.30%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	410.80
(-) Cash Dividends Paid (M)	56.31
(=) Cash Retained (M)	354.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82.16	51.35	30.81
Cash Retained (M)	354.49	354.49	354.49
(-) Cash Required (M)	-82.16	-51.35	-30.81
(=) Excess Retained (M)	272.33	303.14	323.68
(/) Shares Outstanding (M)	72.70	72.70	72.70
(=) Excess Retained per Share	3.75	4.17	4.45
LTM Dividend per Share	0.77	0.77	0.77
(+) Excess Retained per Share	3.75	4.17	4.45
(=) Adjusted Dividend	4.52	4.94	5.23
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$347.28	$1,053.14	$1,123.78
Upside / Downside	646.04%	2,162.39%	2,314.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	410.80	437.50	465.94	496.22	528.48	562.83	579.71
Payout Ratio	13.71%	28.97%	44.22%	59.48%	74.74%	90.00%	92.50%
Projected Dividends (M)	56.31	126.73	206.06	295.17	394.99	506.55	536.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	117.46	118.58	119.69
Year 2 PV (M)	177.04	180.41	183.81
Year 3 PV (M)	235.06	241.80	248.68
Year 4 PV (M)	291.56	302.77	314.30
Year 5 PV (M)	346.57	363.31	380.69
PV of Terminal Value (M)	9,472.07	9,929.57	10,404.59
Equity Value (M)	10,639.75	11,136.44	11,651.76
Shares Outstanding (M)	72.70	72.70	72.70
Fair Value	$146.35	$153.19	$160.27
Upside / Downside	214.40%	229.08%	244.31%

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Rothschild & Co SCA (ROTH.PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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