DDM Analysis: 0QNO.L

Valuation Snapshot

Stable Growth	$583.66 - $2,939.87	$1,044.55
Multi-Stage	$381.13 - $416.63	$398.55
Blended Fair Value	$721.55
Current Price	$565.00
Upside	27.71%
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	7.14%	9.90%	3.99	3.61	3.09	3.12	2.83	2.83	2.86	2.22	1.82	1.82
YoY Growth	-	-	10.77%	16.59%	-0.89%	10.29%	0.00%	-0.97%	28.75%	22.14%	0.00%	16.96%
Dividend Yield	-	-	0.75%	1.02%	0.68%	0.41%	0.50%	0.80%	1.12%	0.84%	1.11%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,306.00
(-) Cash Dividends Paid (M)	569.00
(=) Cash Retained (M)	737.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	261.20	163.25	97.95
Cash Retained (M)	737.00	737.00	737.00
(-) Cash Required (M)	-261.20	-163.25	-97.95
(=) Excess Retained (M)	475.80	573.75	639.05
(/) Shares Outstanding (M)	72.09	72.09	72.09
(=) Excess Retained per Share	6.60	7.96	8.86
LTM Dividend per Share	7.89	7.89	7.89
(+) Excess Retained per Share	6.60	7.96	8.86
(=) Adjusted Dividend	14.49	15.85	16.76
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	5.14%	6.14%	7.14%
Fair Value	$583.66	$1,044.55	$2,939.87
Upside / Downside	3.30%	84.88%	420.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,306.00	1,386.19	1,471.31	1,561.65	1,657.54	1,759.31	1,812.09
Payout Ratio	43.57%	52.85%	62.14%	71.43%	80.71%	90.00%	92.50%
Projected Dividends (M)	569.00	732.66	914.28	1,115.44	1,337.86	1,583.38	1,676.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	5.14%	6.14%	7.14%
Year 1 PV (M)	673.56	679.96	686.37
Year 2 PV (M)	772.71	787.48	802.39
Year 3 PV (M)	866.66	891.63	917.07
Year 4 PV (M)	955.61	992.49	1,030.42
Year 5 PV (M)	1,039.74	1,090.14	1,142.47
PV of Terminal Value (M)	23,167.88	24,290.80	25,456.85
Equity Value (M)	27,476.16	28,732.50	30,035.56
Shares Outstanding (M)	72.09	72.09	72.09
Fair Value	$381.13	$398.55	$416.63
Upside / Downside	-32.54%	-29.46%	-26.26%

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Lonza Group AG (0QNO.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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