DDM Analysis: 0F4O.L

Valuation Snapshot

Stable Growth	$38,725.03 - $73,892.71	$69,248.29
Multi-Stage	$11,533.27 - $12,626.43	$12,069.79
Blended Fair Value	$40,659.04
Current Price	$8,170.00
Upside	397.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.72%	18.70%	57.83	44.86	40.35	35.44	31.88	29.11	19.84	16.26	14.28	12.15
YoY Growth	-	-	28.91%	11.17%	13.85%	11.16%	9.53%	46.72%	22.02%	13.89%	17.52%	16.67%
Dividend Yield	-	-	0.54%	0.55%	0.64%	0.63%	0.87%	1.12%	0.92%	0.76%	0.57%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	302.05
(-) Cash Dividends Paid (M)	108.75
(=) Cash Retained (M)	193.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.41	37.76	22.65
Cash Retained (M)	193.31	193.31	193.31
(-) Cash Required (M)	-60.41	-37.76	-22.65
(=) Excess Retained (M)	132.89	155.55	170.65
(/) Shares Outstanding (M)	0.81	0.81	0.81
(=) Excess Retained per Share	163.47	191.34	209.92
LTM Dividend per Share	133.77	133.77	133.77
(+) Excess Retained per Share	163.47	191.34	209.92
(=) Adjusted Dividend	297.24	325.11	343.69
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38,725.03	$69,248.29	$73,892.71
Upside / Downside	373.99%	747.59%	804.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	302.05	321.69	342.60	364.87	388.58	413.84	426.26
Payout Ratio	36.00%	46.80%	57.60%	68.40%	79.20%	90.00%	92.50%
Projected Dividends (M)	108.75	150.56	197.34	249.57	307.76	372.46	394.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	140.29	141.62	142.95
Year 2 PV (M)	171.35	174.61	177.91
Year 3 PV (M)	201.92	207.72	213.63
Year 4 PV (M)	232.02	240.95	250.12
Year 5 PV (M)	261.65	274.29	287.41
PV of Terminal Value (M)	8,368.72	8,772.94	9,192.62
Equity Value (M)	9,375.96	9,812.12	10,264.64
Shares Outstanding (M)	0.81	0.81	0.81
Fair Value	$11,533.27	$12,069.79	$12,626.43
Upside / Downside	41.17%	47.73%	54.55%

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Lotus Bakeries N.V. (0F4O.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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