DDM Analysis: 0QMS.L

Valuation Snapshot

Stable Growth	$42.20 - $72.83	$55.38
Multi-Stage	$71.70 - $78.71	$75.14
Blended Fair Value	$65.26
Current Price	$72.50
Upside	-9.99%
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	-12.81%	-2.19%	0.79	0.94	1.14	1.23	1.03	1.57	1.47	1.39	1.19	5.69
YoY Growth	-	-	-15.83%	-17.26%	-7.85%	19.45%	-34.29%	6.91%	6.14%	16.27%	-79.06%	475.84%
Dividend Yield	-	-	1.09%	2.00%	2.83%	2.97%	1.64%	3.05%	2.02%	2.00%	1.43%	8.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	140.10
(-) Cash Dividends Paid (M)	73.30
(=) Cash Retained (M)	66.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.02	17.51	10.51
Cash Retained (M)	66.80	66.80	66.80
(-) Cash Required (M)	-28.02	-17.51	-10.51
(=) Excess Retained (M)	38.78	49.29	56.29
(/) Shares Outstanding (M)	42.27	42.27	42.27
(=) Excess Retained per Share	0.92	1.17	1.33
LTM Dividend per Share	1.73	1.73	1.73
(+) Excess Retained per Share	0.92	1.17	1.33
(=) Adjusted Dividend	2.65	2.90	3.07
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	0.48%	1.48%	2.48%
Fair Value	$42.20	$55.38	$72.83
Upside / Downside	-41.80%	-23.61%	0.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	140.10	142.17	144.26	146.39	148.55	150.74	155.27
Payout Ratio	52.32%	59.86%	67.39%	74.93%	82.46%	90.00%	92.50%
Projected Dividends (M)	73.30	85.10	97.22	109.69	122.50	135.67	143.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	0.48%	1.48%	2.48%
Year 1 PV (M)	78.90	79.69	80.47
Year 2 PV (M)	83.58	85.25	86.94
Year 3 PV (M)	87.43	90.07	92.76
Year 4 PV (M)	90.54	94.20	97.96
Year 5 PV (M)	92.97	97.69	102.60
PV of Terminal Value (M)	2,597.28	2,729.13	2,866.28
Equity Value (M)	3,030.70	3,176.02	3,327.01
Shares Outstanding (M)	42.27	42.27	42.27
Fair Value	$71.70	$75.14	$78.71
Upside / Downside	-1.10%	3.64%	8.57%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 25 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Ticker

Industry

Sector

dormakaba Holding AG (0QMS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener