DDM Analysis: AHOG.DE

Valuation Snapshot

Stable Growth	$87.28 - $445.04	$179.23
Multi-Stage	$66.48 - $72.82	$69.59
Blended Fair Value	$124.41
Current Price	$34.45
Upside	261.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.42%	9.62%	1.14	1.15	1.07	0.94	1.13	1.22	0.83	0.79	0.47	0.43
YoY Growth	-	-	-0.67%	6.64%	14.37%	-16.57%	-7.90%	47.16%	5.14%	67.83%	8.33%	-4.35%
Dividend Yield	-	-	3.29%	4.14%	3.40%	3.22%	4.74%	5.74%	3.52%	4.10%	2.35%	2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,066.00
(-) Cash Dividends Paid (M)	1,070.00
(=) Cash Retained (M)	996.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	413.20	258.25	154.95
Cash Retained (M)	996.00	996.00	996.00
(-) Cash Required (M)	-413.20	-258.25	-154.95
(=) Excess Retained (M)	582.80	737.75	841.05
(/) Shares Outstanding (M)	911.75	911.75	911.75
(=) Excess Retained per Share	0.64	0.81	0.92
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	0.64	0.81	0.92
(=) Adjusted Dividend	1.81	1.98	2.10
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	4.16%	5.16%	6.16%
Fair Value	$87.28	$179.23	$445.04
Upside / Downside	153.36%	420.26%	1,191.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,066.00	2,172.68	2,284.87	2,402.85	2,526.92	2,657.40	2,737.12
Payout Ratio	51.79%	59.43%	67.07%	74.72%	82.36%	90.00%	92.50%
Projected Dividends (M)	1,070.00	1,291.28	1,532.56	1,795.32	2,081.12	2,391.66	2,531.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	4.16%	5.16%	6.16%
Year 1 PV (M)	1,202.90	1,214.45	1,225.99
Year 2 PV (M)	1,329.94	1,355.60	1,381.50
Year 3 PV (M)	1,451.32	1,493.52	1,536.54
Year 4 PV (M)	1,567.21	1,628.26	1,691.09
Year 5 PV (M)	1,677.78	1,759.88	1,845.16
PV of Terminal Value (M)	53,386.15	55,998.44	58,712.01
Equity Value (M)	60,615.31	63,450.16	66,392.28
Shares Outstanding (M)	911.75	911.75	911.75
Fair Value	$66.48	$69.59	$72.82
Upside / Downside	92.98%	102.01%	111.37%

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Koninklijke Ahold Delhaize N.V. (AHOG.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener