DDM Analysis: DSFIR.AS

Valuation Snapshot

Stable Growth	$247.89 - $541.19	$507.17
Multi-Stage	$84.86 - $92.70	$88.71
Blended Fair Value	$297.94
Current Price	$90.26
Upside	230.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.04%	14.32%	2.53	0.60	1.31	1.01	1.10	1.10	0.85	0.76	0.72	0.66
YoY Growth	-	-	324.84%	-54.49%	29.70%	-7.96%	-0.69%	29.33%	12.50%	5.26%	9.20%	-0.57%
Dividend Yield	-	-	2.77%	0.57%	1.11%	0.86%	0.93%	0.94%	0.72%	0.64%	0.61%	0.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	718.00
(-) Cash Dividends Paid (M)	714.00
(=) Cash Retained (M)	4.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	143.60	89.75	53.85
Cash Retained (M)	4.00	4.00	4.00
(-) Cash Required (M)	-143.60	-89.75	-53.85
(=) Excess Retained (M)	-139.60	-85.75	-49.85
(/) Shares Outstanding (M)	263.85	263.85	263.85
(=) Excess Retained per Share	-0.53	-0.32	-0.19
LTM Dividend per Share	2.71	2.71	2.71
(+) Excess Retained per Share	-0.53	-0.32	-0.19
(=) Adjusted Dividend	2.18	2.38	2.52
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$247.89	$507.17	$541.19
Upside / Downside	174.64%	461.90%	499.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	718.00	764.67	814.37	867.31	923.68	983.72	1,013.23
Payout Ratio	99.44%	97.55%	95.67%	93.78%	91.89%	90.00%	92.50%
Projected Dividends (M)	714.00	745.97	779.08	813.34	848.76	885.35	937.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	694.34	700.92	707.51
Year 2 PV (M)	674.97	687.83	700.81
Year 3 PV (M)	655.89	674.72	693.90
Year 4 PV (M)	637.08	661.58	686.78
Year 5 PV (M)	618.56	648.43	679.45
PV of Terminal Value (M)	19,110.21	20,033.24	20,991.59
Equity Value (M)	22,391.05	23,406.72	24,460.04
Shares Outstanding (M)	263.85	263.85	263.85
Fair Value	$84.86	$88.71	$92.70
Upside / Downside	-5.98%	-1.71%	2.71%

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DSM-Firmenich AG (DSFIR.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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