DDM Analysis: CTEC.L

Valuation Snapshot

Stable Growth	$2.82 - $5.38	$3.85
Multi-Stage	$3.39 - $3.70	$3.54
Blended Fair Value	$3.69
Current Price	$3.96
Upside	-6.70%
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	10.26%	0.00%	0.06	0.05	0.04	0.04	0.03	0.04	0.04	0.01	0.00	0.00
YoY Growth	-	-	17.62%	25.65%	2.68%	36.41%	-21.28%	6.68%	184.79%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.29%	1.75%	1.53%	1.60%	1.13%	1.48%	2.06%	0.47%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	369.90
(-) Cash Dividends Paid (M)	254.00
(=) Cash Retained (M)	115.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	73.98	46.24	27.74
Cash Retained (M)	115.90	115.90	115.90
(-) Cash Required (M)	-73.98	-46.24	-27.74
(=) Excess Retained (M)	41.92	69.66	88.16
(/) Shares Outstanding (M)	2,055.01	2,055.01	2,055.01
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	7.85%	7.85%	7.85%
Growth Rate	2.61%	3.61%	4.61%
Fair Value	$2.82	$3.85	$5.38
Upside / Downside	-28.79%	-2.81%	35.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	369.90	383.26	397.10	411.44	426.30	441.70	454.95
Payout Ratio	68.67%	72.93%	77.20%	81.47%	85.73%	90.00%	92.50%
Projected Dividends (M)	254.00	279.53	306.56	335.19	365.48	397.53	420.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.85%	7.85%	7.85%
Growth Rate	2.61%	3.61%	4.61%
Year 1 PV (M)	256.67	259.18	261.68
Year 2 PV (M)	258.49	263.55	268.66
Year 3 PV (M)	259.52	267.18	274.99
Year 4 PV (M)	259.84	270.12	280.70
Year 5 PV (M)	259.52	272.42	285.82
PV of Terminal Value (M)	5,662.51	5,943.86	6,236.28
Equity Value (M)	6,956.56	7,276.31	7,608.14
Shares Outstanding (M)	2,055.01	2,055.01	2,055.01
Fair Value	$3.39	$3.54	$3.70
Upside / Downside	-14.52%	-10.59%	-6.51%

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ConvaTec Group Plc (CTEC.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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