DDM Analysis: IMCD.AS

Valuation Snapshot

Stable Growth	$811.96 - $1,886.67	$1,768.08
Multi-Stage	$285.25 - $311.88	$298.32
Blended Fair Value	$1,033.20
Current Price	$114.05
Upside	805.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.85%	0.00%	2.21	2.34	1.60	1.01	0.82	0.73	0.56	0.50	0.40	0.17
YoY Growth	-	-	-5.48%	46.44%	58.67%	22.81%	12.50%	29.03%	13.06%	24.86%	130.97%	0.00%
Dividend Yield	-	-	1.54%	1.51%	1.20%	0.52%	0.79%	0.94%	1.01%	0.96%	0.99%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	547.53
(-) Cash Dividends Paid (M)	382.34
(=) Cash Retained (M)	165.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	109.51	68.44	41.06
Cash Retained (M)	165.19	165.19	165.19
(-) Cash Required (M)	-109.51	-68.44	-41.06
(=) Excess Retained (M)	55.69	96.75	124.13
(/) Shares Outstanding (M)	57.72	57.72	57.72
(=) Excess Retained per Share	0.96	1.68	2.15
LTM Dividend per Share	6.62	6.62	6.62
(+) Excess Retained per Share	0.96	1.68	2.15
(=) Adjusted Dividend	7.59	8.30	8.78
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$811.96	$1,768.08	$1,886.67
Upside / Downside	611.94%	1,450.27%	1,554.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	547.53	583.12	621.02	661.39	704.38	750.16	772.67
Payout Ratio	69.83%	73.86%	77.90%	81.93%	85.97%	90.00%	92.50%
Projected Dividends (M)	382.34	430.71	483.76	541.89	605.53	675.15	714.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	400.68	404.48	408.27
Year 2 PV (M)	418.65	426.62	434.67
Year 3 PV (M)	436.25	448.78	461.54
Year 4 PV (M)	453.49	470.93	488.87
Year 5 PV (M)	470.38	493.10	516.69
PV of Terminal Value (M)	14,283.84	14,973.75	15,690.07
Equity Value (M)	16,463.29	17,217.66	18,000.12
Shares Outstanding (M)	57.72	57.72	57.72
Fair Value	$285.25	$298.32	$311.88
Upside / Downside	150.11%	161.57%	173.46%

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Financial Statements

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IMCD N.V. (IMCD.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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