DDM Analysis: 2M6.DE

Valuation Snapshot

Stable Growth	$57.81 - $110.16	$78.89
Multi-Stage	$72.59 - $79.39	$75.93
Blended Fair Value	$77.41
Current Price	$93.42
Upside	-17.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.40%	10.38%	2.79	2.85	2.81	2.63	2.42	2.25	2.09	1.94	1.85	1.66
YoY Growth	-	-	-2.10%	1.38%	6.89%	8.43%	7.81%	7.46%	7.98%	4.97%	11.08%	59.99%
Dividend Yield	-	-	3.07%	3.53%	3.20%	2.83%	1.85%	2.38%	2.02%	2.16%	2.18%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,764.00
(-) Cash Dividends Paid (M)	3,614.00
(=) Cash Retained (M)	1,150.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	952.80	595.50	357.30
Cash Retained (M)	1,150.00	1,150.00	1,150.00
(-) Cash Required (M)	-952.80	-595.50	-357.30
(=) Excess Retained (M)	197.20	554.50	792.70
(/) Shares Outstanding (M)	1,287.13	1,287.13	1,287.13
(=) Excess Retained per Share	0.15	0.43	0.62
LTM Dividend per Share	2.81	2.81	2.81
(+) Excess Retained per Share	0.15	0.43	0.62
(=) Adjusted Dividend	2.96	3.24	3.42
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.40%	3.40%	4.40%
Fair Value	$57.81	$78.89	$110.16
Upside / Downside	-38.12%	-15.55%	17.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,764.00	4,925.91	5,093.33	5,266.43	5,445.42	5,630.50	5,799.41
Payout Ratio	75.86%	78.69%	81.52%	84.34%	87.17%	90.00%	92.50%
Projected Dividends (M)	3,614.00	3,876.13	4,151.90	4,441.93	4,746.89	5,067.45	5,364.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.40%	3.40%	4.40%
Year 1 PV (M)	3,566.07	3,600.90	3,635.72
Year 2 PV (M)	3,514.24	3,583.21	3,652.85
Year 3 PV (M)	3,458.99	3,561.32	3,665.65
Year 4 PV (M)	3,400.78	3,535.58	3,674.35
Year 5 PV (M)	3,340.03	3,506.34	3,679.20
PV of Terminal Value (M)	76,147.70	79,939.24	83,880.32
Equity Value (M)	93,427.80	97,726.58	102,188.09
Shares Outstanding (M)	1,287.13	1,287.13	1,287.13
Fair Value	$72.59	$75.93	$79.39
Upside / Downside	-22.30%	-18.73%	-15.02%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Financial Statements

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Medtronic plc (2M6.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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