DDM Analysis: MKC

Valuation Snapshot

Stable Growth	$55.63 - $123.49	$80.26
Multi-Stage	$66.44 - $72.76	$69.54
Blended Fair Value	$74.90
Current Price	$70.37
Upside	6.44%
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	8.34%	8.89%	1.67	1.55	1.47	1.35	1.22	1.12	1.01	0.88	0.81	0.76
YoY Growth	-	-	7.77%	5.50%	9.19%	10.06%	9.23%	10.53%	15.07%	9.09%	6.30%	6.50%
Dividend Yield	-	-	2.03%	2.26%	1.98%	1.42%	1.45%	1.53%	1.49%	1.65%	1.64%	1.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	778.00
(-) Cash Dividends Paid (M)	474.90
(=) Cash Retained (M)	303.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	155.60	97.25	58.35
Cash Retained (M)	303.10	303.10	303.10
(-) Cash Required (M)	-155.60	-97.25	-58.35
(=) Excess Retained (M)	147.50	205.85	244.75
(/) Shares Outstanding (M)	269.48	269.48	269.48
(=) Excess Retained per Share	0.55	0.76	0.91
LTM Dividend per Share	1.76	1.76	1.76
(+) Excess Retained per Share	0.55	0.76	0.91
(=) Adjusted Dividend	2.31	2.53	2.67
WACC / Discount Rate	6.98%	6.98%	6.98%
Growth Rate	2.71%	3.71%	4.71%
Fair Value	$55.63	$80.26	$123.49
Upside / Downside	-20.95%	14.05%	75.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	778.00	806.87	836.81	867.86	900.07	933.47	961.47
Payout Ratio	61.04%	66.83%	72.62%	78.42%	84.21%	90.00%	92.50%
Projected Dividends (M)	474.90	539.25	607.73	680.55	757.93	840.12	889.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.98%	6.98%	6.98%
Growth Rate	2.71%	3.71%	4.71%
Year 1 PV (M)	499.23	504.09	508.95
Year 2 PV (M)	520.87	531.06	541.35
Year 3 PV (M)	539.99	555.92	572.15
Year 4 PV (M)	556.76	578.76	601.41
Year 5 PV (M)	571.33	599.69	629.16
PV of Terminal Value (M)	15,214.80	15,970.03	16,754.95
Equity Value (M)	17,902.99	18,739.55	19,607.98
Shares Outstanding (M)	269.48	269.48	269.48
Fair Value	$66.44	$69.54	$72.76
Upside / Downside	-5.59%	-1.18%	3.40%

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Financial Statements

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McCormick & Company, Incorporated (MKC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener