DDM Analysis: AHOG.DE

Valuation Snapshot

Stable Growth	$76.33 - $445.04	$141.47
Multi-Stage	$60.64 - $66.39	$63.46
Blended Fair Value	$102.46
Current Price	$34.45
Upside	197.42%
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	6.64%	6.64%	6.64%
Growth Rate	4.16%	5.16%	6.16%
Fair Value	$76.33	$141.47	$445.04
Upside / Downside	121.56%	310.64%	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	6.64%	6.64%	6.64%
Growth Rate	4.16%	5.16%	6.16%
Year 1 PV (M)	1,199.39	1,210.91	1,222.42
Year 2 PV (M)	1,322.21	1,347.72	1,373.47
Year 3 PV (M)	1,438.68	1,480.51	1,523.15
Year 4 PV (M)	1,549.03	1,609.38	1,671.47
Year 5 PV (M)	1,653.49	1,734.40	1,818.45
PV of Terminal Value (M)	48,121.49	50,476.17	52,922.14
Equity Value (M)	55,284.30	57,859.09	60,531.10
Shares Outstanding (M)	911.75	911.75	911.75
Fair Value	$60.64	$63.46	$66.39
Upside / Downside	76.01%	84.21%	92.71%

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Financial Statements

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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