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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GRNG.ST	Gränges AB (publ)	2.08%	$3.09	34.78%
ZGN	Ermenegildo Zegna N.V.	2.08%	$0.22	28.26%
000983.SZ	Shanxi Coking Coal Energy Group Co.,Ltd.	2.07%	$0.13	44.44%
006090.KS	Oyang Corporation	2.07%	$187.55	43.67%
0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
1748.HK	Xin Yuan Enterprises Group Limited	2.07%	$0.04	62.70%
4677.KL	YTL Corporation Berhad	2.07%	$0.04	26.42%
603136.SS	Jiangsu Tianmu Lake Tourism Co.,Ltd	2.07%	$0.24	64.23%
7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
OCL.AX	Objective Corporation Limited	2.07%	$0.34	57.76%
TRTN	Triton International Limited	2.07%	$1.65	28.50%
001219.SZ	Qingdao Foods CO.,LTD.	2.06%	$0.29	55.25%
002351.SZ	Edifier Technology Co., Ltd.	2.06%	$0.25	53.80%
004830.KS	Duksung Co., Ltd.	2.06%	$100.30	19.66%
600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
600143.SS	Kingfa Sci. & Tech. Co., Ltd.	2.06%	$0.40	85.82%
7735.T	SCREEN Holdings Co., Ltd.	2.06%	$314.43	32.13%
ALSO3.SA	Aliansce Sonae Shopping Centers S.A.	2.06%	$0.52	9.27%
MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
REA.AX	REA Group Limited	2.06%	$3.81	51.46%
THEON.AS	Theon International PLC	2.06%	$0.55	52.53%
000902.SZ	YONFER Agricultural Technology Co., Ltd.	2.05%	$0.32	26.06%
002938.SZ	Avary Holding(Shenzhen)Co., Limited	2.05%	$1.04	59.37%
036930.KQ	JUSUNG ENGINEERING Co., Ltd.	2.05%	$625.50	45.79%
086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
4191.SR	Abdullah Saad Mohammed Abo Moati for Bookstores Company	2.05%	$1.01	76.56%
9527.SR	Ame Company For Medical Supplies	2.05%	$2.00	27.73%
BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
GUAR3.SA	Guararapes Confecções S.A.	2.05%	$0.18	20.09%
MGROS.IS	Migros Ticaret A.S.	2.05%	$10.88	31.41%
MLL.DE	Müller - Die lila Logistik AG	2.05%	$0.10	6.76%
RAY-A.TO	Stingray Group Inc.	2.05%	$0.30	39.32%
VIVA3.SA	Vivara Participações S.A.	2.05%	$0.66	20.93%
268280.KS	Miwon Specialty Chemical Co., Ltd.	2.04%	$2,814.57	22.79%
2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
605589.SS	Jinan Shengquan Group Share Holding Co., Ltd.	2.04%	$0.58	44.86%
CEK.DE	CeoTronics AG	2.04%	$0.26	34.71%
CSAP.JK	PT Catur Sentosa Adiprana Tbk	2.04%	$6.50	30.53%
ROTH.PA	Rothschild & Co SCA	2.04%	$0.78	13.71%
2476.TW	G-SHANK Enterprise Co., Ltd.	2.03%	$1.85	49.48%
2852.KL	Cahya Mata Sarawak Berhad	2.03%	$0.03	28.80%
3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
601607.SS	Shanghai Pharmaceuticals Holding Co., Ltd	2.03%	$0.36	23.77%

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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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