DDM Analysis: 0QLD.L

Valuation Snapshot

Stable Growth	$1,389.90 - $7,449.52	$2,738.60
Multi-Stage	$773.60 - $846.69	$809.47
Blended Fair Value	$1,774.03
Current Price	$449.40
Upside	294.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.03%	22.21%	4.27	2.18	2.20	1.48	0.99	0.99	0.87	0.56	0.59	0.59
YoY Growth	-	-	96.36%	-0.89%	47.91%	49.86%	0.26%	13.56%	54.09%	-4.91%	-0.17%	3.43%
Dividend Yield	-	-	1.23%	1.06%	1.64%	0.74%	1.15%	2.04%	1.92%	1.48%	2.49%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	563.48
(-) Cash Dividends Paid (M)	64.27
(=) Cash Retained (M)	499.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	112.70	70.43	42.26
Cash Retained (M)	499.21	499.21	499.21
(-) Cash Required (M)	-112.70	-70.43	-42.26
(=) Excess Retained (M)	386.52	428.78	456.95
(/) Shares Outstanding (M)	15.04	15.04	15.04
(=) Excess Retained per Share	25.69	28.50	30.38
LTM Dividend per Share	4.27	4.27	4.27
(+) Excess Retained per Share	25.69	28.50	30.38
(=) Adjusted Dividend	29.97	32.78	34.65
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,389.90	$2,738.60	$7,449.52
Upside / Downside	209.28%	509.39%	1,557.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	563.48	600.11	639.11	680.65	724.90	772.02	795.18
Payout Ratio	11.41%	27.12%	42.84%	58.56%	74.28%	90.00%	92.50%
Projected Dividends (M)	64.27	162.78	273.82	398.61	538.46	694.81	735.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	149.62	151.03	152.45
Year 2 PV (M)	231.33	235.74	240.18
Year 3 PV (M)	309.53	318.42	327.47
Year 4 PV (M)	384.33	399.11	414.31
Year 5 PV (M)	455.83	477.84	500.70
PV of Terminal Value (M)	10,106.46	10,594.60	11,101.43
Equity Value (M)	11,637.09	12,176.74	12,736.55
Shares Outstanding (M)	15.04	15.04	15.04
Fair Value	$773.60	$809.47	$846.69
Upside / Downside	72.14%	80.12%	88.40%

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Swissquote Group Holding Ltd (0QLD.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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