DDM Analysis: 0QAH.L

Valuation Snapshot

Stable Growth	$502.53 - $1,489.14	$1,395.43
Multi-Stage	$262.82 - $288.01	$275.18
Blended Fair Value	$835.31
Current Price	$83.93
Upside	895.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.60%	4.10%	3.11	2.95	2.78	2.62	2.47	2.26	2.05	2.05	2.03	2.03
YoY Growth	-	-	5.31%	6.18%	6.08%	6.36%	9.13%	10.11%	0.10%	0.84%	0.14%	-2.48%
Dividend Yield	-	-	3.47%	2.25%	2.61%	3.20%	3.35%	3.08%	2.58%	3.95%	3.35%	4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,034.00
(-) Cash Dividends Paid (M)	8,109.00
(=) Cash Retained (M)	10,925.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,806.80	2,379.25	1,427.55
Cash Retained (M)	10,925.00	10,925.00	10,925.00
(-) Cash Required (M)	-3,806.80	-2,379.25	-1,427.55
(=) Excess Retained (M)	7,118.20	8,545.75	9,497.45
(/) Shares Outstanding (M)	2,520.75	2,520.75	2,520.75
(=) Excess Retained per Share	2.82	3.39	3.77
LTM Dividend per Share	3.22	3.22	3.22
(+) Excess Retained per Share	2.82	3.39	3.77
(=) Adjusted Dividend	6.04	6.61	6.98
WACC / Discount Rate	5.86%	5.86%	5.86%
Growth Rate	4.60%	5.60%	6.60%
Fair Value	$502.53	$1,395.43	$1,489.14
Upside / Downside	498.75%	1,562.62%	1,674.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,034.00	20,100.24	21,226.22	22,415.26	23,670.92	24,996.91	25,746.82
Payout Ratio	42.60%	52.08%	61.56%	71.04%	80.52%	90.00%	92.50%
Projected Dividends (M)	8,109.00	10,468.64	13,067.20	15,924.04	19,059.95	22,497.22	23,815.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.86%	5.86%	5.86%
Growth Rate	4.60%	5.60%	6.60%
Year 1 PV (M)	9,795.57	9,889.22	9,982.86
Year 2 PV (M)	11,440.93	11,660.73	11,882.62
Year 3 PV (M)	13,045.82	13,423.57	13,808.54
Year 4 PV (M)	14,610.97	15,177.77	15,760.89
Year 5 PV (M)	16,137.10	16,923.35	17,739.95
PV of Terminal Value (M)	597,478.44	626,589.42	656,824.20
Equity Value (M)	662,508.84	693,664.05	725,999.06
Shares Outstanding (M)	2,520.75	2,520.75	2,520.75
Fair Value	$262.82	$275.18	$288.01
Upside / Downside	213.14%	227.87%	243.15%

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Merck & Co., Inc. (0QAH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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