DDM Analysis: 0QM5.L

Valuation Snapshot

Stable Growth	$1,608.81 - $3,927.79	$2,396.50
Multi-Stage	$2,036.43 - $2,234.17	$2,133.43
Blended Fair Value	$2,264.96
Current Price	$793.00
Upside	185.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.49%	15.09%	15.50	14.50	14.00	13.00	12.00	9.00	10.00	5.90	4.90	3.80
YoY Growth	-	-	6.90%	3.57%	7.69%	8.33%	33.33%	-10.00%	69.49%	20.41%	28.95%	0.00%
Dividend Yield	-	-	2.11%	1.59%	1.79%	1.21%	1.32%	1.07%	1.47%	0.84%	0.79%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	405.99
(-) Cash Dividends Paid (M)	171.19
(=) Cash Retained (M)	234.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.20	50.75	30.45
Cash Retained (M)	234.80	234.80	234.80
(-) Cash Required (M)	-81.20	-50.75	-30.45
(=) Excess Retained (M)	153.60	184.05	204.35
(/) Shares Outstanding (M)	5.35	5.35	5.35
(=) Excess Retained per Share	28.71	34.40	38.20
LTM Dividend per Share	32.00	32.00	32.00
(+) Excess Retained per Share	28.71	34.40	38.20
(=) Adjusted Dividend	60.71	66.41	70.20
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.47%	3.47%	4.47%
Fair Value	$1,608.81	$2,396.50	$3,927.79
Upside / Downside	102.88%	202.21%	395.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	405.99	420.10	434.69	449.80	465.43	481.60	496.05
Payout Ratio	42.17%	51.73%	61.30%	70.87%	80.43%	90.00%	92.50%
Projected Dividends (M)	171.19	217.33	266.47	318.76	374.36	433.44	458.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.47%	3.47%	4.47%
Year 1 PV (M)	202.40	204.37	206.35
Year 2 PV (M)	231.10	235.63	240.21
Year 3 PV (M)	257.45	265.06	272.82
Year 4 PV (M)	281.58	292.73	304.21
Year 5 PV (M)	303.61	318.72	334.42
PV of Terminal Value (M)	9,617.73	10,096.26	10,593.64
Equity Value (M)	10,893.87	11,412.77	11,951.65
Shares Outstanding (M)	5.35	5.35	5.35
Fair Value	$2,036.43	$2,133.43	$2,234.17
Upside / Downside	156.80%	169.03%	181.74%

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Emmi AG (0QM5.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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