DDM Analysis: VZN.SW

Valuation Snapshot

Stable Growth	$564.34 - $2,163.96	$1,616.38
Multi-Stage	$270.07 - $295.32	$282.47
Blended Fair Value	$949.42
Current Price	$173.60
Upside	446.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.24%	14.23%	2.27	1.73	1.57	1.23	1.02	0.98	0.87	0.84	0.85	0.70
YoY Growth	-	-	30.98%	10.52%	26.78%	21.32%	3.80%	12.29%	3.42%	-0.16%	20.45%	17.18%
Dividend Yield	-	-	1.57%	1.76%	2.18%	1.26%	1.26%	1.64%	1.65%	1.28%	1.38%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	430.16
(-) Cash Dividends Paid (M)	196.10
(=) Cash Retained (M)	234.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	86.03	53.77	32.26
Cash Retained (M)	234.06	234.06	234.06
(-) Cash Required (M)	-86.03	-53.77	-32.26
(=) Excess Retained (M)	148.03	180.29	201.80
(/) Shares Outstanding (M)	39.53	39.53	39.53
(=) Excess Retained per Share	3.74	4.56	5.10
LTM Dividend per Share	4.96	4.96	4.96
(+) Excess Retained per Share	3.74	4.56	5.10
(=) Adjusted Dividend	8.70	9.52	10.06
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$564.34	$1,616.38	$2,163.96
Upside / Downside	225.08%	831.09%	1,146.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	430.16	458.12	487.90	519.61	553.39	589.36	607.04
Payout Ratio	45.59%	54.47%	63.35%	72.24%	81.12%	90.00%	92.50%
Projected Dividends (M)	196.10	249.54	309.10	375.34	448.90	530.42	561.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	230.75	232.94	235.13
Year 2 PV (M)	264.30	269.34	274.42
Year 3 PV (M)	296.78	305.30	313.98
Year 4 PV (M)	328.21	340.84	353.82
Year 5 PV (M)	358.62	375.94	393.93
PV of Terminal Value (M)	9,198.24	9,642.52	10,103.80
Equity Value (M)	10,676.91	11,166.88	11,675.08
Shares Outstanding (M)	39.53	39.53	39.53
Fair Value	$270.07	$282.47	$295.32
Upside / Downside	55.57%	62.71%	70.12%

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VZ Holding AG (VZN.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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