DDM Analysis: 0PMJ.L

Valuation Snapshot

Stable Growth	$102.86 - $378.92	$315.17
Multi-Stage	$48.22 - $52.73	$50.43
Blended Fair Value	$182.80
Current Price	$46.02
Upside	297.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.96%	21.83%	0.95	0.94	0.95	0.85	0.76	0.71	0.62	0.20	0.31	0.34
YoY Growth	-	-	0.28%	-0.28%	11.62%	11.57%	7.27%	14.16%	203.91%	-34.66%	-6.63%	154.73%
Dividend Yield	-	-	2.06%	1.85%	1.80%	1.82%	1.16%	1.69%	1.45%	0.56%	1.04%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,144.00
(-) Cash Dividends Paid (M)	1,066.00
(=) Cash Retained (M)	1,078.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	428.80	268.00	160.80
Cash Retained (M)	1,078.00	1,078.00	1,078.00
(-) Cash Required (M)	-428.80	-268.00	-160.80
(=) Excess Retained (M)	649.20	810.00	917.20
(/) Shares Outstanding (M)	1,125.27	1,125.27	1,125.27
(=) Excess Retained per Share	0.58	0.72	0.82
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	0.58	0.72	0.82
(=) Adjusted Dividend	1.52	1.67	1.76
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$102.86	$315.17	$378.92
Upside / Downside	123.52%	584.85%	723.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,144.00	2,283.36	2,431.78	2,589.84	2,758.18	2,937.47	3,025.59
Payout Ratio	49.72%	57.78%	65.83%	73.89%	81.94%	90.00%	92.50%
Projected Dividends (M)	1,066.00	1,319.24	1,600.89	1,913.59	2,260.17	2,643.72	2,798.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,220.63	1,232.20	1,243.77
Year 2 PV (M)	1,370.52	1,396.63	1,422.98
Year 3 PV (M)	1,515.77	1,559.28	1,603.62
Year 4 PV (M)	1,656.49	1,720.19	1,785.72
Year 5 PV (M)	1,792.77	1,879.36	1,969.27
PV of Terminal Value (M)	46,706.48	48,962.42	51,304.71
Equity Value (M)	54,262.67	56,750.09	59,330.06
Shares Outstanding (M)	1,125.27	1,125.27	1,125.27
Fair Value	$48.22	$50.43	$52.73
Upside / Downside	4.78%	9.59%	14.57%

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Siemens Healthineers AG (0PMJ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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