DDM Analysis: EMSN.SW

Valuation Snapshot

Stable Growth	$331.44 - $498.86	$410.58
Multi-Stage	$821.33 - $902.80	$861.27
Blended Fair Value	$635.92
Current Price	$599.00
Upside	6.16%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.12%	3.82%	16.00	20.00	21.00	17.00	20.00	19.75	18.50	17.00	15.00	12.00
YoY Growth	-	-	-20.00%	-4.76%	23.53%	-15.00%	1.27%	6.76%	8.82%	13.37%	24.96%	9.09%
Dividend Yield	-	-	2.62%	2.94%	3.35%	1.67%	2.34%	3.10%	4.01%	2.61%	2.90%	2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	922.81
(-) Cash Dividends Paid (M)	842.01
(=) Cash Retained (M)	80.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	184.56	115.35	69.21
Cash Retained (M)	80.80	80.80	80.80
(-) Cash Required (M)	-184.56	-115.35	-69.21
(=) Excess Retained (M)	-103.76	-34.55	11.59
(/) Shares Outstanding (M)	23.39	23.39	23.39
(=) Excess Retained per Share	-4.44	-1.48	0.50
LTM Dividend per Share	36.00	36.00	36.00
(+) Excess Retained per Share	-4.44	-1.48	0.50
(=) Adjusted Dividend	31.57	34.52	36.50
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.77%	-1.77%	-0.77%
Fair Value	$331.44	$410.58	$498.86
Upside / Downside	-44.67%	-31.46%	-16.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	922.81	906.44	890.37	874.58	859.07	843.83	869.15
Payout Ratio	91.24%	91.00%	90.75%	90.50%	90.25%	90.00%	92.50%
Projected Dividends (M)	842.01	824.82	807.98	791.47	775.30	759.45	803.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.77%	-1.77%	-0.77%
Year 1 PV (M)	766.69	774.58	782.46
Year 2 PV (M)	698.11	712.54	727.13
Year 3 PV (M)	635.66	655.47	675.70
Year 4 PV (M)	578.79	602.97	627.90
Year 5 PV (M)	527.00	554.67	583.48
PV of Terminal Value (M)	16,002.82	16,842.89	17,717.88
Equity Value (M)	19,209.07	20,143.12	21,114.55
Shares Outstanding (M)	23.39	23.39	23.39
Fair Value	$821.33	$861.27	$902.80
Upside / Downside	37.12%	43.78%	50.72%

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Ems-Chemie Holding AG (EMSN.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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