DDM Analysis: PSH.AS

Valuation Snapshot

Stable Growth	$104.92 - $156.00	$129.27
Multi-Stage	$190.86 - $210.25	$200.36
Blended Fair Value	$164.82
Current Price	$47.65
Upside	245.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.08%	0.00%	0.57	0.53	0.50	0.43	0.44	0.47	0.00	0.00	0.00	0.00
YoY Growth	-	-	8.49%	5.91%	17.10%	-1.83%	-7.53%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.21%	1.14%	1.45%	1.04%	1.24%	2.46%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,416.72
(-) Cash Dividends Paid (M)	156.56
(=) Cash Retained (M)	2,260.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	483.34	302.09	181.25
Cash Retained (M)	2,260.17	2,260.17	2,260.17
(-) Cash Required (M)	-483.34	-302.09	-181.25
(=) Excess Retained (M)	1,776.82	1,958.08	2,078.91
(/) Shares Outstanding (M)	186.45	186.45	186.45
(=) Excess Retained per Share	9.53	10.50	11.15
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	9.53	10.50	11.15
(=) Adjusted Dividend	10.37	11.34	11.99
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$104.92	$129.27	$156.00
Upside / Downside	120.18%	171.29%	227.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,416.72	2,392.56	2,368.63	2,344.94	2,321.49	2,298.28	2,367.23
Payout Ratio	6.48%	23.18%	39.89%	56.59%	73.30%	90.00%	92.50%
Projected Dividends (M)	156.56	554.65	944.77	1,327.03	1,701.55	2,068.45	2,189.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	509.86	515.07	520.27
Year 2 PV (M)	798.35	814.73	831.27
Year 3 PV (M)	1,030.82	1,062.69	1,095.22
Year 4 PV (M)	1,215.00	1,265.36	1,317.27
Year 5 PV (M)	1,357.72	1,428.42	1,502.04
PV of Terminal Value (M)	30,674.50	32,271.79	33,934.94
Equity Value (M)	35,586.25	37,358.06	39,201.00
Shares Outstanding (M)	186.45	186.45	186.45
Fair Value	$190.86	$200.36	$210.25
Upside / Downside	300.55%	320.49%	341.23%

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Pershing Square Holdings, Ltd. (PSH.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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