DDM Analysis: TCSG.ME

Valuation Snapshot

Stable Growth	$31,702.11 - $114,400.18	$100,866.64
Multi-Stage	$14,366.06 - $15,725.48	$15,033.29
Blended Fair Value	$57,949.97
Current Price	$3,268.00
Upside	1,673.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.26%	20.01%	92.97	0.00	0.00	15.45	50.49	23.86	50.88	33.95	18.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	-69.39%	111.62%	-53.11%	49.89%	88.55%	0.00%	-100.00%
Dividend Yield	-	-	3.38%	0.00%	0.00%	0.47%	1.15%	2.65%	4.22%	2.81%	1.49%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	135,049.02
(-) Cash Dividends Paid (M)	29,381.89
(=) Cash Retained (M)	105,667.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27,009.80	16,881.13	10,128.68
Cash Retained (M)	105,667.13	105,667.13	105,667.13
(-) Cash Required (M)	-27,009.80	-16,881.13	-10,128.68
(=) Excess Retained (M)	78,657.32	88,786.00	95,538.45
(/) Shares Outstanding (M)	234.77	234.77	234.77
(=) Excess Retained per Share	335.04	378.18	406.94
LTM Dividend per Share	125.15	125.15	125.15
(+) Excess Retained per Share	335.04	378.18	406.94
(=) Adjusted Dividend	460.19	503.33	532.09
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31,702.11	$100,866.64	$114,400.18
Upside / Downside	870.08%	2,986.49%	3,400.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	135,049.02	143,827.21	153,175.98	163,132.41	173,736.02	185,028.86	190,579.73
Payout Ratio	21.76%	35.41%	49.05%	62.70%	76.35%	90.00%	92.50%
Projected Dividends (M)	29,381.89	50,922.27	75,138.76	102,288.24	132,649.70	166,525.98	176,286.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47,130.19	47,576.93	48,023.66
Year 2 PV (M)	64,364.58	65,590.55	66,828.08
Year 3 PV (M)	81,096.13	83,424.11	85,796.22
Year 4 PV (M)	97,335.70	101,078.96	104,929.15
Year 5 PV (M)	113,093.94	118,556.42	124,227.96
PV of Terminal Value (M)	2,969,718.47	3,113,156.98	3,262,085.22
Equity Value (M)	3,372,739.02	3,529,383.94	3,691,890.30
Shares Outstanding (M)	234.77	234.77	234.77
Fair Value	$14,366.06	$15,033.29	$15,725.48
Upside / Downside	339.60%	360.01%	381.20%

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TCS Group Holding PLC (TCSG.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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