DDM Analysis: ZUGER.SW

Valuation Snapshot

Stable Growth	$29,085.24 - $158,369.67	$52,805.11
Multi-Stage	$21,439.44 - $23,471.19	$22,436.54
Blended Fair Value	$37,620.82
Current Price	$8,620.00
Upside	336.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.96%	0.00%	223.65	223.65	223.65	223.65	223.65	234.68	213.63	186.97	186.97	186.97
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-4.70%	9.86%	14.26%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.71%	2.96%	3.09%	3.32%	3.49%	3.67%	3.34%	2.92%	2.92%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	255.44
(-) Cash Dividends Paid (M)	96.48
(=) Cash Retained (M)	158.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.09	31.93	19.16
Cash Retained (M)	158.96	158.96	158.96
(-) Cash Required (M)	-51.09	-31.93	-19.16
(=) Excess Retained (M)	107.87	127.03	139.80
(/) Shares Outstanding (M)	0.29	0.29	0.29
(=) Excess Retained per Share	375.06	441.67	486.08
LTM Dividend per Share	335.48	335.48	335.48
(+) Excess Retained per Share	375.06	441.67	486.08
(=) Adjusted Dividend	710.54	777.15	821.56
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.48%	5.48%	6.48%
Fair Value	$29,085.24	$52,805.11	$158,369.67
Upside / Downside	237.42%	512.59%	1,737.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	255.44	269.44	284.20	299.77	316.20	333.52	343.53
Payout Ratio	37.77%	48.22%	58.66%	69.11%	79.55%	90.00%	92.50%
Projected Dividends (M)	96.48	129.92	166.72	207.17	251.55	300.17	317.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.48%	5.48%	6.48%
Year 1 PV (M)	120.23	121.38	122.53
Year 2 PV (M)	142.79	145.53	148.31
Year 3 PV (M)	164.20	168.96	173.81
Year 4 PV (M)	184.51	191.68	199.05
Year 5 PV (M)	203.76	213.70	224.03
PV of Terminal Value (M)	5,350.55	5,611.56	5,882.66
Equity Value (M)	6,166.05	6,452.82	6,750.38
Shares Outstanding (M)	0.29	0.29	0.29
Fair Value	$21,439.44	$22,436.54	$23,471.19
Upside / Downside	148.72%	160.28%	172.29%

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Zuger Kantonalbank (ZUGER.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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