DDM Analysis: DGX

Valuation Snapshot

Stable Growth	$129.19 - $242.01	$175.15
Multi-Stage	$181.54 - $199.20	$190.20
Blended Fair Value	$182.68
Current Price	$190.58
Upside	-4.15%
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	2.97%	5.88%	2.93	2.78	2.70	2.73	2.63	2.53	2.35	2.19	1.97	1.88
YoY Growth	-	-	5.41%	2.95%	-1.29%	4.04%	3.85%	7.52%	7.69%	10.76%	5.19%	13.37%
Dividend Yield	-	-	1.73%	2.06%	1.91%	2.00%	2.05%	3.15%	2.61%	2.18%	2.01%	2.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	969.00
(-) Cash Dividends Paid (M)	347.00
(=) Cash Retained (M)	622.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	193.80	121.13	72.68
Cash Retained (M)	622.00	622.00	622.00
(-) Cash Required (M)	-193.80	-121.13	-72.68
(=) Excess Retained (M)	428.20	500.88	549.33
(/) Shares Outstanding (M)	113.00	113.00	113.00
(=) Excess Retained per Share	3.79	4.43	4.86
LTM Dividend per Share	3.07	3.07	3.07
(+) Excess Retained per Share	3.79	4.43	4.86
(=) Adjusted Dividend	6.86	7.50	7.93
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	1.63%	2.63%	3.63%
Fair Value	$129.19	$175.15	$242.01
Upside / Downside	-32.21%	-8.10%	26.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	969.00	994.45	1,020.57	1,047.37	1,074.88	1,103.11	1,136.20
Payout Ratio	35.81%	46.65%	57.49%	68.32%	79.16%	90.00%	92.50%
Projected Dividends (M)	347.00	463.89	586.68	715.61	850.89	992.80	1,050.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	1.63%	2.63%	3.63%
Year 1 PV (M)	429.23	433.45	437.67
Year 2 PV (M)	502.28	512.21	522.24
Year 3 PV (M)	566.88	583.77	601.01
Year 4 PV (M)	623.68	648.59	674.24
Year 5 PV (M)	673.31	707.10	742.23
PV of Terminal Value (M)	17,718.47	18,607.54	19,531.95
Equity Value (M)	20,513.84	21,492.67	22,509.34
Shares Outstanding (M)	113.00	113.00	113.00
Fair Value	$181.54	$190.20	$199.20
Upside / Downside	-4.74%	-0.20%	4.52%

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NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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Quest Diagnostics Incorporated (DGX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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