DDM Analysis: CCH.L

Valuation Snapshot

Stable Growth	$310.17 - $839.63	$786.85
Multi-Stage	$119.21 - $130.42	$124.71
Blended Fair Value	$455.78
Current Price	$44.08
Upside	933.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-18.30%	10.17%	0.93	0.79	0.71	0.64	0.62	2.55	0.54	0.44	0.40	0.36
YoY Growth	-	-	18.28%	10.38%	11.39%	3.50%	-75.81%	369.37%	23.86%	10.92%	10.37%	1.63%
Dividend Yield	-	-	2.82%	2.96%	3.20%	2.11%	2.32%	8.43%	2.00%	1.64%	1.91%	1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,542.00
(-) Cash Dividends Paid (M)	714.10
(=) Cash Retained (M)	827.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	308.40	192.75	115.65
Cash Retained (M)	827.90	827.90	827.90
(-) Cash Required (M)	-308.40	-192.75	-115.65
(=) Excess Retained (M)	519.50	635.15	712.25
(/) Shares Outstanding (M)	365.24	365.24	365.24
(=) Excess Retained per Share	1.42	1.74	1.95
LTM Dividend per Share	1.96	1.96	1.96
(+) Excess Retained per Share	1.42	1.74	1.95
(=) Adjusted Dividend	3.38	3.69	3.91
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$310.17	$786.85	$839.63
Upside / Downside	603.65%	1,685.06%	1,804.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,542.00	1,642.23	1,748.97	1,862.66	1,983.73	2,112.67	2,176.05
Payout Ratio	46.31%	55.05%	63.79%	72.52%	81.26%	90.00%	92.50%
Projected Dividends (M)	714.10	904.01	1,115.60	1,350.87	1,612.02	1,901.41	2,012.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	839.70	847.66	855.61
Year 2 PV (M)	962.50	980.84	999.34
Year 3 PV (M)	1,082.57	1,113.65	1,145.31
Year 4 PV (M)	1,199.93	1,246.08	1,293.55
Year 5 PV (M)	1,314.65	1,378.14	1,444.07
PV of Terminal Value (M)	38,141.15	39,983.38	41,896.12
Equity Value (M)	43,540.50	45,549.75	47,634.01
Shares Outstanding (M)	365.24	365.24	365.24
Fair Value	$119.21	$124.71	$130.42
Upside / Downside	170.44%	182.92%	195.87%

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Coca-Cola HBC AG (CCH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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