DDM Analysis: TCO0.DE

Valuation Snapshot

Stable Growth	$5.13 - $8.91	$6.75
Multi-Stage	$9.76 - $10.73	$10.23
Blended Fair Value	$8.49
Current Price	$3.76
Upside	125.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.66%	-0.56%	0.12	0.11	0.12	0.10	0.13	0.09	0.05	0.01	0.00	0.00
YoY Growth	-	-	11.20%	-9.55%	17.51%	-19.67%	38.72%	83.75%	335.37%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	3.27%	3.96%	4.73%	3.58%	5.39%	3.23%	1.77%	0.43%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,820.00
(-) Cash Dividends Paid (M)	1,642.00
(=) Cash Retained (M)	1,178.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	564.00	352.50	211.50
Cash Retained (M)	1,178.00	1,178.00	1,178.00
(-) Cash Required (M)	-564.00	-352.50	-211.50
(=) Excess Retained (M)	614.00	825.50	966.50
(/) Shares Outstanding (M)	7,035.91	7,035.91	7,035.91
(=) Excess Retained per Share	0.09	0.12	0.14
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.09	0.12	0.14
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.08%	1.08%	2.08%
Fair Value	$5.13	$6.75	$8.91
Upside / Downside	36.56%	79.59%	136.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,820.00	2,850.37	2,881.06	2,912.09	2,943.45	2,975.14	3,064.40
Payout Ratio	58.23%	64.58%	70.94%	77.29%	83.65%	90.00%	92.50%
Projected Dividends (M)	1,642.00	1,840.81	2,043.72	2,250.78	2,462.06	2,677.63	2,834.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.08%	1.08%	2.08%
Year 1 PV (M)	1,714.15	1,731.28	1,748.41
Year 2 PV (M)	1,772.15	1,807.75	1,843.69
Year 3 PV (M)	1,817.41	1,872.44	1,928.56
Year 4 PV (M)	1,851.23	1,926.34	2,003.71
Year 5 PV (M)	1,874.79	1,970.35	2,069.76
PV of Terminal Value (M)	59,662.45	62,703.45	65,867.20
Equity Value (M)	68,692.18	72,011.60	75,461.34
Shares Outstanding (M)	7,035.91	7,035.91	7,035.91
Fair Value	$9.76	$10.23	$10.73
Upside / Downside	159.66%	172.20%	185.24%

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Tesco PLC (TCO0.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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