DDM Analysis: 0M3Q.L

Valuation Snapshot

Stable Growth	$1,001.21 - $1,179.59	$1,105.45
Multi-Stage	$228.61 - $250.46	$239.33
Blended Fair Value	$672.39
Current Price	$146.32
Upside	359.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.14%	18.33%	1.76	1.55	1.37	1.06	0.85	0.70	0.54	0.46	0.42	0.38
YoY Growth	-	-	13.58%	13.26%	28.90%	24.74%	21.02%	29.22%	17.96%	9.57%	11.90%	15.07%
Dividend Yield	-	-	1.07%	0.93%	0.82%	0.56%	0.54%	0.60%	0.54%	0.55%	0.79%	0.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,651.00
(-) Cash Dividends Paid (M)	863.00
(=) Cash Retained (M)	1,788.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	530.20	331.38	198.83
Cash Retained (M)	1,788.00	1,788.00	1,788.00
(-) Cash Required (M)	-530.20	-331.38	-198.83
(=) Excess Retained (M)	1,257.80	1,456.63	1,589.18
(/) Shares Outstanding (M)	446.95	446.95	446.95
(=) Excess Retained per Share	2.81	3.26	3.56
LTM Dividend per Share	1.93	1.93	1.93
(+) Excess Retained per Share	2.81	3.26	3.56
(=) Adjusted Dividend	4.75	5.19	5.49
WACC / Discount Rate	5.68%	5.68%	5.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,001.21	$1,105.45	$1,179.59
Upside / Downside	584.26%	655.50%	706.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,651.00	2,823.32	3,006.83	3,202.27	3,410.42	3,632.10	3,741.06
Payout Ratio	32.55%	44.04%	55.53%	67.02%	78.51%	90.00%	92.50%
Projected Dividends (M)	863.00	1,243.47	1,669.76	2,146.21	2,677.55	3,268.89	3,460.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.68%	5.68%	5.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,165.56	1,176.61	1,187.66
Year 2 PV (M)	1,467.08	1,495.02	1,523.23
Year 3 PV (M)	1,767.55	1,818.29	1,869.99
Year 4 PV (M)	2,066.98	2,146.47	2,228.23
Year 5 PV (M)	2,365.37	2,479.62	2,598.24
PV of Terminal Value (M)	93,345.38	97,854.00	102,535.17
Equity Value (M)	102,177.92	106,970.01	111,942.52
Shares Outstanding (M)	446.95	446.95	446.95
Fair Value	$228.61	$239.33	$250.46
Upside / Downside	56.24%	63.57%	71.17%

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Zoetis Inc. (0M3Q.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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