DDM Analysis: SLB

Valuation Snapshot

Stable Growth	$14.98 - $20.86	$17.92
Multi-Stage	$28.88 - $31.77	$30.30
Blended Fair Value	$24.11
Current Price	$34.37
Upside	-29.86%
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	-11.15%	-2.47%	1.08	0.93	0.60	0.49	1.22	1.95	1.95	1.96	1.87	1.71
YoY Growth	-	-	16.40%	55.31%	21.32%	-59.69%	-37.38%	-0.04%	-0.29%	4.95%	9.43%	22.92%
Dividend Yield	-	-	2.59%	1.68%	1.22%	1.19%	4.50%	14.48%	4.37%	3.03%	2.39%	2.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,645.00
(-) Cash Dividends Paid (M)	1,565.00
(=) Cash Retained (M)	2,080.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	729.00	455.63	273.38
Cash Retained (M)	2,080.00	2,080.00	2,080.00
(-) Cash Required (M)	-729.00	-455.63	-273.38
(=) Excess Retained (M)	1,351.00	1,624.38	1,806.63
(/) Shares Outstanding (M)	1,417.50	1,417.50	1,417.50
(=) Excess Retained per Share	0.95	1.15	1.27
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	0.95	1.15	1.27
(=) Adjusted Dividend	2.06	2.25	2.38
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	-4.47%	-3.47%	-2.47%
Fair Value	$14.98	$17.92	$20.86
Upside / Downside	-56.42%	-47.86%	-39.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,645.00	3,518.63	3,396.64	3,278.88	3,165.20	3,055.46	3,147.13
Payout Ratio	42.94%	52.35%	61.76%	71.17%	80.59%	90.00%	92.50%
Projected Dividends (M)	1,565.00	1,841.95	2,097.81	2,333.72	2,550.74	2,749.92	2,911.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	-4.47%	-3.47%	-2.47%
Year 1 PV (M)	1,677.69	1,695.25	1,712.82
Year 2 PV (M)	1,740.35	1,776.98	1,813.98
Year 3 PV (M)	1,763.41	1,819.37	1,876.50
Year 4 PV (M)	1,755.53	1,830.20	1,907.22
Year 5 PV (M)	1,723.84	1,815.97	1,912.00
PV of Terminal Value (M)	32,281.00	34,006.26	35,804.52
Equity Value (M)	40,941.83	42,944.04	45,027.04
Shares Outstanding (M)	1,417.50	1,417.50	1,417.50
Fair Value	$28.88	$30.30	$31.77
Upside / Downside	-15.96%	-11.85%	-7.58%

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SLB N.V. (SLB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener