DDM Analysis: SNW.DE

Valuation Snapshot

Stable Growth	$143.02 - $318.18	$206.50
Multi-Stage	$252.23 - $277.16	$264.46
Blended Fair Value	$235.48
Current Price	$82.21
Upside	186.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.17%	2.50%	3.80	3.60	3.37	3.24	3.18	3.10	3.05	3.00	3.04	2.98
YoY Growth	-	-	5.61%	6.86%	3.99%	1.80%	2.69%	1.62%	1.70%	-1.30%	1.76%	0.49%
Dividend Yield	-	-	3.73%	4.06%	3.36%	3.50%	3.77%	3.86%	3.87%	4.59%	3.59%	4.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,297.00
(-) Cash Dividends Paid (M)	4,772.00
(=) Cash Retained (M)	4,525.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,859.40	1,162.13	697.28
Cash Retained (M)	4,525.00	4,525.00	4,525.00
(-) Cash Required (M)	-1,859.40	-1,162.13	-697.28
(=) Excess Retained (M)	2,665.60	3,362.88	3,827.73
(/) Shares Outstanding (M)	1,238.03	1,238.03	1,238.03
(=) Excess Retained per Share	2.15	2.72	3.09
LTM Dividend per Share	3.85	3.85	3.85
(+) Excess Retained per Share	2.15	2.72	3.09
(=) Adjusted Dividend	6.01	6.57	6.95
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	1.30%	2.30%	3.30%
Fair Value	$143.02	$206.50	$318.18
Upside / Downside	73.97%	151.19%	287.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,297.00	9,511.11	9,730.15	9,954.24	10,183.49	10,418.02	10,730.56
Payout Ratio	51.33%	59.06%	66.80%	74.53%	82.27%	90.00%	92.50%
Projected Dividends (M)	4,772.00	5,617.52	6,499.45	7,419.03	8,377.52	9,376.21	9,925.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	1.30%	2.30%	3.30%
Year 1 PV (M)	5,269.70	5,321.72	5,373.74
Year 2 PV (M)	5,719.53	5,833.00	5,947.59
Year 3 PV (M)	6,124.52	6,307.69	6,494.47
Year 4 PV (M)	6,487.56	6,747.54	7,015.26
Year 5 PV (M)	6,811.38	7,154.27	7,510.84
PV of Terminal Value (M)	281,851.54	296,040.23	310,794.66
Equity Value (M)	312,264.24	327,404.46	343,136.57
Shares Outstanding (M)	1,238.03	1,238.03	1,238.03
Fair Value	$252.23	$264.46	$277.16
Upside / Downside	206.81%	221.68%	237.14%

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Financial Statements

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Sanofi (SNW.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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