DDM Analysis: ULVR.L

Valuation Snapshot

Stable Growth	$55.34 - $97.52	$73.24
Multi-Stage	$103.32 - $113.42	$108.27
Blended Fair Value	$90.76
Current Price	$51.76
Upside	75.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.52%	3.08%	1.72	1.74	1.73	1.79	1.71	1.68	1.62	1.56	1.44	1.33
YoY Growth	-	-	-1.01%	0.79%	-3.44%	4.77%	1.66%	3.52%	3.83%	8.51%	8.35%	4.45%
Dividend Yield	-	-	3.14%	3.98%	3.66%	3.82%	3.48%	3.27%	3.56%	3.37%	3.73%	3.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,439.00
(-) Cash Dividends Paid (M)	7,597.00
(=) Cash Retained (M)	2,842.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,087.80	1,304.88	782.93
Cash Retained (M)	2,842.00	2,842.00	2,842.00
(-) Cash Required (M)	-2,087.80	-1,304.88	-782.93
(=) Excess Retained (M)	754.20	1,537.13	2,059.08
(/) Shares Outstanding (M)	2,503.85	2,503.85	2,503.85
(=) Excess Retained per Share	0.30	0.61	0.82
LTM Dividend per Share	3.03	3.03	3.03
(+) Excess Retained per Share	0.30	0.61	0.82
(=) Adjusted Dividend	3.34	3.65	3.86
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	0.29%	1.29%	2.29%
Fair Value	$55.34	$73.24	$97.52
Upside / Downside	6.91%	41.51%	88.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,439.00	10,573.97	10,710.69	10,849.17	10,989.44	11,131.53	11,465.47
Payout Ratio	72.78%	76.22%	79.67%	83.11%	86.56%	90.00%	92.50%
Projected Dividends (M)	7,597.00	8,059.49	8,532.68	9,016.75	9,511.91	10,018.38	10,605.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	0.29%	1.29%	2.29%
Year 1 PV (M)	7,504.31	7,579.13	7,653.95
Year 2 PV (M)	7,397.60	7,545.86	7,695.58
Year 3 PV (M)	7,278.78	7,498.68	7,722.97
Year 4 PV (M)	7,149.55	7,438.99	7,737.14
Year 5 PV (M)	7,011.50	7,368.09	7,739.05
PV of Terminal Value (M)	222,363.33	233,672.30	245,436.79
Equity Value (M)	258,705.07	271,103.06	283,985.48
Shares Outstanding (M)	2,503.85	2,503.85	2,503.85
Fair Value	$103.32	$108.27	$113.42
Upside / Downside	99.62%	109.19%	119.13%

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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Unilever PLC (ULVR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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