DDM Analysis: LISN.SW

Valuation Snapshot

Stable Growth	$23,182.58 - $113,886.47	$41,294.99
Multi-Stage	$23,033.67 - $25,254.55	$24,123.29
Blended Fair Value	$32,709.14
Current Price	$13,350.00
Upside	145.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.32%	8.07%	178.64	168.59	157.76	146.66	231.90	131.50	124.06	116.00	103.95	92.35
YoY Growth	-	-	5.96%	6.86%	7.57%	-36.76%	76.35%	6.00%	6.94%	11.59%	12.57%	12.36%
Dividend Yield	-	-	1.77%	1.67%	1.67%	1.16%	2.69%	1.75%	2.05%	1.95%	1.97%	1.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,328.10
(-) Cash Dividends Paid (M)	666.50
(=) Cash Retained (M)	661.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	265.62	166.01	99.61
Cash Retained (M)	661.60	661.60	661.60
(-) Cash Required (M)	-265.62	-166.01	-99.61
(=) Excess Retained (M)	395.98	495.59	561.99
(/) Shares Outstanding (M)	1.80	1.80	1.80
(=) Excess Retained per Share	219.89	275.20	312.08
LTM Dividend per Share	370.11	370.11	370.11
(+) Excess Retained per Share	219.89	275.20	312.08
(=) Adjusted Dividend	590.00	645.32	682.19
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$23,182.58	$41,294.99	$113,886.47
Upside / Downside	73.65%	209.33%	753.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,328.10	1,386.40	1,447.26	1,510.79	1,577.11	1,646.34	1,695.73
Payout Ratio	50.18%	58.15%	66.11%	74.07%	82.04%	90.00%	92.50%
Projected Dividends (M)	666.50	806.16	956.79	1,119.10	1,293.81	1,481.70	1,568.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	753.09	760.38	767.66
Year 2 PV (M)	834.97	851.20	867.59
Year 3 PV (M)	912.33	939.06	966.31
Year 4 PV (M)	985.33	1,024.01	1,063.81
Year 5 PV (M)	1,054.14	1,106.12	1,160.12
PV of Terminal Value (M)	36,939.28	38,760.59	40,653.03
Equity Value (M)	41,479.15	43,441.35	45,478.52
Shares Outstanding (M)	1.80	1.80	1.80
Fair Value	$23,033.67	$24,123.29	$25,254.55
Upside / Downside	72.54%	80.70%	89.17%

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Chocoladefabriken Lindt & Sprüngli AG (LISN.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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