DDM Analysis: ZBH

Valuation Snapshot

Stable Growth	$35.92 - $54.62	$44.69
Multi-Stage	$60.25 - $66.22	$63.18
Blended Fair Value	$53.93
Current Price	$98.50
Upside	-45.24%
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	-0.07%	3.02%	0.98	1.01	1.01	1.00	1.00	0.99	0.98	0.97	0.95	0.79
YoY Growth	-	-	-2.44%	-0.15%	0.55%	0.81%	0.92%	0.77%	0.83%	2.76%	19.92%	7.97%
Dividend Yield	-	-	0.87%	0.78%	0.78%	0.79%	0.64%	1.01%	0.79%	0.92%	0.80%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	805.20
(-) Cash Dividends Paid (M)	190.80
(=) Cash Retained (M)	614.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	161.04	100.65	60.39
Cash Retained (M)	614.40	614.40	614.40
(-) Cash Required (M)	-161.04	-100.65	-60.39
(=) Excess Retained (M)	453.36	513.75	554.01
(/) Shares Outstanding (M)	199.18	199.18	199.18
(=) Excess Retained per Share	2.28	2.58	2.78
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	2.28	2.58	2.78
(=) Adjusted Dividend	3.23	3.54	3.74
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	-0.97%	0.03%	1.03%
Fair Value	$35.92	$44.69	$54.62
Upside / Downside	-63.54%	-54.63%	-44.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	805.20	805.42	805.63	805.85	806.07	806.29	830.47
Payout Ratio	23.70%	36.96%	50.22%	63.48%	76.74%	90.00%	92.50%
Projected Dividends (M)	190.80	297.66	404.57	511.54	618.57	725.66	768.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	-0.97%	0.03%	1.03%
Year 1 PV (M)	272.99	275.75	278.51
Year 2 PV (M)	340.31	347.21	354.19
Year 3 PV (M)	394.64	406.71	419.03
Year 4 PV (M)	437.67	455.61	474.11
Year 5 PV (M)	470.89	495.15	520.41
PV of Terminal Value (M)	10,083.04	10,602.54	11,143.22
Equity Value (M)	11,999.54	12,582.98	13,189.47
Shares Outstanding (M)	199.18	199.18	199.18
Fair Value	$60.25	$63.18	$66.22
Upside / Downside	-38.84%	-35.86%	-32.77%

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Zimmer Biomet Holdings, Inc. (ZBH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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