DDM Analysis: SIE.DE

Valuation Snapshot

Stable Growth	$219.62 - $456.76	$309.62
Multi-Stage	$306.27 - $336.09	$320.90
Blended Fair Value	$315.26
Current Price	$217.65
Upside	44.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.92%	3.89%	4.66	4.22	4.04	3.52	3.99	3.84	3.78	3.66	3.55	3.43
YoY Growth	-	-	10.32%	4.57%	14.66%	-11.66%	3.73%	1.63%	3.33%	3.08%	3.63%	7.70%
Dividend Yield	-	-	2.47%	2.52%	3.11%	2.31%	3.39%	3.30%	3.86%	3.18%	3.04%	3.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,902.00
(-) Cash Dividends Paid (M)	4,093.00
(=) Cash Retained (M)	5,809.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,980.40	1,237.75	742.65
Cash Retained (M)	5,809.00	5,809.00	5,809.00
(-) Cash Required (M)	-1,980.40	-1,237.75	-742.65
(=) Excess Retained (M)	3,828.60	4,571.25	5,066.35
(/) Shares Outstanding (M)	796.16	796.16	796.16
(=) Excess Retained per Share	4.81	5.74	6.36
LTM Dividend per Share	5.14	5.14	5.14
(+) Excess Retained per Share	4.81	5.74	6.36
(=) Adjusted Dividend	9.95	10.88	11.50
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.92%	2.92%	3.92%
Fair Value	$219.62	$309.62	$456.76
Upside / Downside	0.91%	42.26%	109.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,902.00	10,191.33	10,489.11	10,795.59	11,111.02	11,435.68	11,778.75
Payout Ratio	41.34%	51.07%	60.80%	70.53%	80.27%	90.00%	92.50%
Projected Dividends (M)	4,093.00	5,204.51	6,377.49	7,614.56	8,918.49	10,292.11	10,895.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.92%	2.92%	3.92%
Year 1 PV (M)	4,837.60	4,885.06	4,932.52
Year 2 PV (M)	5,509.96	5,618.61	5,728.33
Year 3 PV (M)	6,114.96	6,296.72	6,482.05
Year 4 PV (M)	6,657.17	6,922.30	7,195.28
Year 5 PV (M)	7,140.89	7,498.14	7,869.55
PV of Terminal Value (M)	213,580.21	224,265.48	235,374.19
Equity Value (M)	243,840.78	255,486.31	267,581.92
Shares Outstanding (M)	796.16	796.16	796.16
Fair Value	$306.27	$320.90	$336.09
Upside / Downside	40.72%	47.44%	54.42%

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Siemens AG (SIE.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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