DDM Analysis: BEI.DE

Valuation Snapshot

Stable Growth	$128.01 - $315.67	$191.30
Multi-Stage	$155.22 - $170.37	$162.65
Blended Fair Value	$176.98
Current Price	$106.60
Upside	66.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-38.49%	-21.57%	0.06	0.71	0.71	0.71	0.71	0.71	0.71	0.71	0.71	0.71
YoY Growth	-	-	-91.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.05%	0.52%	0.66%	0.78%	0.75%	0.66%	0.77%	0.73%	0.88%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,344.00
(-) Cash Dividends Paid (M)	338.50
(=) Cash Retained (M)	1,005.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	268.80	168.00	100.80
Cash Retained (M)	1,005.50	1,005.50	1,005.50
(-) Cash Required (M)	-268.80	-168.00	-100.80
(=) Excess Retained (M)	736.70	837.50	904.70
(/) Shares Outstanding (M)	224.91	224.91	224.91
(=) Excess Retained per Share	3.28	3.72	4.02
LTM Dividend per Share	1.51	1.51	1.51
(+) Excess Retained per Share	3.28	3.72	4.02
(=) Adjusted Dividend	4.78	5.23	5.53
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	2.60%	3.60%	4.60%
Fair Value	$128.01	$191.30	$315.67
Upside / Downside	20.08%	79.46%	196.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,344.00	1,392.32	1,442.39	1,494.25	1,547.97	1,603.63	1,651.74
Payout Ratio	25.19%	38.15%	51.11%	64.07%	77.04%	90.00%	92.50%
Projected Dividends (M)	338.50	531.15	737.23	957.43	1,192.51	1,443.27	1,527.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	2.60%	3.60%	4.60%
Year 1 PV (M)	494.26	499.08	503.90
Year 2 PV (M)	638.37	650.87	663.50
Year 3 PV (M)	771.46	794.24	817.46
Year 4 PV (M)	894.14	929.51	965.92
Year 5 PV (M)	1,006.98	1,057.03	1,109.04
PV of Terminal Value (M)	31,105.15	32,650.90	34,257.50
Equity Value (M)	34,910.36	36,581.62	38,317.32
Shares Outstanding (M)	224.91	224.91	224.91
Fair Value	$155.22	$162.65	$170.37
Upside / Downside	45.61%	52.58%	59.82%

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Beiersdorf AG (BEI.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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