DDM Analysis: 0QQO.L

Valuation Snapshot

Stable Growth	$504.93 - $1,295.10	$1,213.69
Multi-Stage	$182.62 - $200.06	$191.18
Blended Fair Value	$702.44
Current Price	$89.30
Upside	686.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.35%	10.00%	0.35	0.33	0.31	0.29	0.27	0.25	0.23	0.18	0.16	0.14
YoY Growth	-	-	6.57%	6.67%	7.17%	8.67%	7.68%	8.32%	27.24%	11.90%	16.91%	0.93%
Dividend Yield	-	-	0.36%	0.39%	0.51%	0.33%	0.41%	0.53%	0.70%	0.56%	0.76%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	283.02
(-) Cash Dividends Paid (M)	32.02
(=) Cash Retained (M)	251.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.60	35.38	21.23
Cash Retained (M)	251.00	251.00	251.00
(-) Cash Required (M)	-56.60	-35.38	-21.23
(=) Excess Retained (M)	194.40	215.62	229.77
(/) Shares Outstanding (M)	43.46	43.46	43.46
(=) Excess Retained per Share	4.47	4.96	5.29
LTM Dividend per Share	0.74	0.74	0.74
(+) Excess Retained per Share	4.47	4.96	5.29
(=) Adjusted Dividend	5.21	5.70	6.02
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$504.93	$1,213.69	$1,295.10
Upside / Downside	465.43%	1,259.12%	1,350.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	283.02	301.42	321.01	341.87	364.09	387.76	399.39
Payout Ratio	11.31%	27.05%	42.79%	58.53%	74.26%	90.00%	92.50%
Projected Dividends (M)	32.02	81.53	137.35	200.08	270.39	348.98	369.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	75.78	76.50	77.21
Year 2 PV (M)	118.64	120.90	123.18
Year 3 PV (M)	160.61	165.23	169.92
Year 4 PV (M)	201.72	209.48	217.46
Year 5 PV (M)	241.97	253.66	265.80
PV of Terminal Value (M)	7,138.22	7,483.00	7,840.97
Equity Value (M)	7,936.94	8,308.76	8,694.54
Shares Outstanding (M)	43.46	43.46	43.46
Fair Value	$182.62	$191.18	$200.06
Upside / Downside	104.51%	114.09%	124.03%

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Siegfried Holding AG (0QQO.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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