DDM Analysis: 0QPY.L

Valuation Snapshot

Stable Growth	$517.39 - $1,731.64	$845.08
Multi-Stage	$401.85 - $439.45	$420.30
Blended Fair Value	$632.69
Current Price	$256.50
Upside	146.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.56%	7.22%	4.29	4.58	4.48	3.37	0.00	3.12	2.84	2.51	2.29	2.28
YoY Growth	-	-	-6.53%	2.43%	32.74%	100,700.00%	-99.89%	9.84%	13.01%	9.53%	0.84%	6.59%
Dividend Yield	-	-	1.67%	1.80%	1.67%	0.87%	0.00%	1.80%	1.45%	1.67%	1.66%	1.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,141.50
(-) Cash Dividends Paid (M)	530.30
(=) Cash Retained (M)	611.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	228.30	142.69	85.61
Cash Retained (M)	611.20	611.20	611.20
(-) Cash Required (M)	-228.30	-142.69	-85.61
(=) Excess Retained (M)	382.90	468.51	525.59
(/) Shares Outstanding (M)	59.78	59.78	59.78
(=) Excess Retained per Share	6.40	7.84	8.79
LTM Dividend per Share	8.87	8.87	8.87
(+) Excess Retained per Share	6.40	7.84	8.79
(=) Adjusted Dividend	15.27	16.71	17.66
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	4.56%	5.56%	6.56%
Fair Value	$517.39	$845.08	$1,731.64
Upside / Downside	101.71%	229.47%	575.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,141.50	1,204.93	1,271.88	1,342.55	1,417.15	1,495.90	1,540.77
Payout Ratio	46.46%	55.17%	63.87%	72.58%	81.29%	90.00%	92.50%
Projected Dividends (M)	530.30	664.70	812.40	974.46	1,152.02	1,346.31	1,425.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	4.56%	5.56%	6.56%
Year 1 PV (M)	611.65	617.50	623.35
Year 2 PV (M)	687.90	701.12	714.47
Year 3 PV (M)	759.28	781.27	803.69
Year 4 PV (M)	825.99	858.05	891.03
Year 5 PV (M)	888.26	931.55	976.52
PV of Terminal Value (M)	20,250.93	21,238.06	22,263.30
Equity Value (M)	24,024.01	25,127.56	26,272.37
Shares Outstanding (M)	59.78	59.78	59.78
Fair Value	$401.85	$420.30	$439.45
Upside / Downside	56.66%	63.86%	71.33%

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Sonova Holding AG (0QPY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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