DDM Analysis: COH.AX

Valuation Snapshot

Stable Growth	$447.19 - $2,258.51	$925.61
Multi-Stage	$254.55 - $277.90	$266.01
Blended Fair Value	$595.81
Current Price	$300.42
Upside	98.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.51%	8.43%	4.24	3.74	3.01	2.95	1.15	2.95	2.77	2.45	2.19	1.83
YoY Growth	-	-	13.23%	24.47%	1.75%	156.61%	-60.97%	6.55%	12.85%	12.24%	19.52%	-3.03%
Dividend Yield	-	-	1.41%	1.16%	1.31%	1.49%	0.46%	1.56%	1.32%	1.23%	1.41%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	745.70
(-) Cash Dividends Paid (M)	523.90
(=) Cash Retained (M)	221.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.14	93.21	55.93
Cash Retained (M)	221.80	221.80	221.80
(-) Cash Required (M)	-149.14	-93.21	-55.93
(=) Excess Retained (M)	72.66	128.59	165.87
(/) Shares Outstanding (M)	65.66	65.66	65.66
(=) Excess Retained per Share	1.11	1.96	2.53
LTM Dividend per Share	7.98	7.98	7.98
(+) Excess Retained per Share	1.11	1.96	2.53
(=) Adjusted Dividend	9.09	9.94	10.50
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$447.19	$925.61	$2,258.51
Upside / Downside	48.86%	208.10%	651.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	745.70	794.17	845.79	900.77	959.32	1,021.67	1,052.32
Payout Ratio	70.26%	74.20%	78.15%	82.10%	86.05%	90.00%	92.50%
Projected Dividends (M)	523.90	589.31	661.02	739.55	825.50	919.51	973.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	542.33	547.47	552.61
Year 2 PV (M)	559.81	570.48	581.24
Year 3 PV (M)	576.39	592.94	609.80
Year 4 PV (M)	592.08	614.85	638.27
Year 5 PV (M)	606.92	636.24	666.67
PV of Terminal Value (M)	13,836.93	14,505.26	15,199.17
Equity Value (M)	16,714.47	17,467.23	18,247.76
Shares Outstanding (M)	65.66	65.66	65.66
Fair Value	$254.55	$266.01	$277.90
Upside / Downside	-15.27%	-11.45%	-7.50%

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Cochlear Limited (COH.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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