DDM Analysis: TMO

Valuation Snapshot

Stable Growth	$463.31 - $1,492.10	$749.07
Multi-Stage	$296.87 - $324.74	$310.55
Blended Fair Value	$529.81
Current Price	$464.24
Upside	14.12%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.44%	9.52%	1.54	1.38	1.20	1.04	0.89	0.78	0.70	0.62	0.63	0.63
YoY Growth	-	-	11.47%	14.95%	15.19%	17.21%	13.47%	11.65%	12.24%	-0.59%	-0.91%	2.47%
Dividend Yield	-	-	0.31%	0.24%	0.21%	0.18%	0.19%	0.29%	0.26%	0.30%	0.41%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,570.00
(-) Cash Dividends Paid (M)	623.00
(=) Cash Retained (M)	5,947.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,314.00	821.25	492.75
Cash Retained (M)	5,947.00	5,947.00	5,947.00
(-) Cash Required (M)	-1,314.00	-821.25	-492.75
(=) Excess Retained (M)	4,633.00	5,125.75	5,454.25
(/) Shares Outstanding (M)	379.50	379.50	379.50
(=) Excess Retained per Share	12.21	13.51	14.37
LTM Dividend per Share	1.64	1.64	1.64
(+) Excess Retained per Share	12.21	13.51	14.37
(=) Adjusted Dividend	13.85	15.15	16.01
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$463.31	$749.07	$1,492.10
Upside / Downside	-0.20%	61.35%	221.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,570.00	6,997.05	7,451.86	7,936.23	8,452.08	9,001.47	9,271.51
Payout Ratio	9.48%	25.59%	41.69%	57.79%	73.90%	90.00%	92.50%
Projected Dividends (M)	623.00	1,790.27	3,106.64	4,586.58	6,245.79	8,101.32	8,576.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,632.21	1,647.68	1,663.15
Year 2 PV (M)	2,582.31	2,631.49	2,681.14
Year 3 PV (M)	3,475.87	3,575.65	3,677.33
Year 4 PV (M)	4,315.39	4,481.35	4,652.05
Year 5 PV (M)	5,103.25	5,349.74	5,605.66
PV of Terminal Value (M)	95,553.85	100,169.13	104,961.06
Equity Value (M)	112,662.88	117,855.05	123,240.39
Shares Outstanding (M)	379.50	379.50	379.50
Fair Value	$296.87	$310.55	$324.74
Upside / Downside	-36.05%	-33.10%	-30.05%

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Thermo Fisher Scientific Inc. (TMO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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