DDM Analysis: 0QMW.L

Valuation Snapshot

Stable Growth	$264.74 - $853.18	$428.14
Multi-Stage	$278.53 - $304.69	$291.37
Blended Fair Value	$359.76
Current Price	$256.63
Upside	40.18%
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	10.48%	5.36%	9.95	13.99	9.99	4.53	4.02	6.05	5.79	5.54	5.04	4.04
YoY Growth	-	-	-28.84%	40.05%	120.45%	12.55%	-33.43%	4.36%	4.56%	9.85%	24.94%	-31.61%
Dividend Yield	-	-	3.88%	5.45%	3.67%	1.71%	1.49%	4.55%	4.19%	3.68%	3.62%	2.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,199.00
(-) Cash Dividends Paid (M)	1,182.00
(=) Cash Retained (M)	17.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	239.80	149.88	89.93
Cash Retained (M)	17.00	17.00	17.00
(-) Cash Required (M)	-239.80	-149.88	-89.93
(=) Excess Retained (M)	-222.80	-132.88	-72.93
(/) Shares Outstanding (M)	118.77	118.77	118.77
(=) Excess Retained per Share	-1.88	-1.12	-0.61
LTM Dividend per Share	9.95	9.95	9.95
(+) Excess Retained per Share	-1.88	-1.12	-0.61
(=) Adjusted Dividend	8.08	8.83	9.34
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	3.36%	4.36%	5.36%
Fair Value	$264.74	$428.14	$853.18
Upside / Downside	3.16%	66.83%	232.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,199.00	1,251.32	1,305.92	1,362.90	1,422.37	1,484.43	1,528.97
Payout Ratio	98.58%	96.87%	95.15%	93.43%	91.72%	90.00%	92.50%
Projected Dividends (M)	1,182.00	1,212.10	1,242.57	1,273.40	1,304.55	1,335.99	1,414.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	3.36%	4.36%	5.36%
Year 1 PV (M)	1,127.04	1,137.94	1,148.85
Year 2 PV (M)	1,074.30	1,095.18	1,116.27
Year 3 PV (M)	1,023.69	1,053.69	1,084.27
Year 4 PV (M)	975.13	1,013.42	1,052.82
Year 5 PV (M)	928.56	974.35	1,021.94
PV of Terminal Value (M)	27,952.18	29,330.73	30,763.13
Equity Value (M)	33,080.89	34,605.31	36,187.28
Shares Outstanding (M)	118.77	118.77	118.77
Fair Value	$278.53	$291.37	$304.69
Upside / Downside	8.54%	13.54%	18.73%

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Kuehne + Nagel International AG (0QMW.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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