DDM Analysis: 0QKD.L

Valuation Snapshot

Stable Growth	$938.72 - $1,378.42	$1,150.23
Multi-Stage	$1,972.23 - $2,170.67	$2,069.49
Blended Fair Value	$1,609.86
Current Price	$824.00
Upside	95.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.87%	2.10%	24.98	23.14	25.05	22.29	26.12	23.92	23.00	23.07	20.65	21.51
YoY Growth	-	-	7.98%	-7.65%	12.42%	-14.67%	9.20%	4.01%	-0.31%	11.68%	-3.96%	5.94%
Dividend Yield	-	-	3.31%	2.20%	2.30%	1.19%	1.72%	1.45%	1.68%	1.53%	1.57%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	173.40
(-) Cash Dividends Paid (M)	70.50
(=) Cash Retained (M)	102.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.68	21.68	13.01
Cash Retained (M)	102.90	102.90	102.90
(-) Cash Required (M)	-34.68	-21.68	-13.01
(=) Excess Retained (M)	68.22	81.23	89.90
(/) Shares Outstanding (M)	1.41	1.41	1.41
(=) Excess Retained per Share	48.42	57.65	63.80
LTM Dividend per Share	50.04	50.04	50.04
(+) Excess Retained per Share	48.42	57.65	63.80
(=) Adjusted Dividend	98.46	107.69	113.84
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	-2.89%	-1.89%	-0.89%
Fair Value	$938.72	$1,150.23	$1,378.42
Upside / Downside	13.92%	39.59%	67.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	173.40	170.12	166.91	163.76	160.66	157.63	162.36
Payout Ratio	40.66%	50.53%	60.39%	70.26%	80.13%	90.00%	92.50%
Projected Dividends (M)	70.50	85.96	100.80	115.06	128.74	141.87	150.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	-2.89%	-1.89%	-0.89%
Year 1 PV (M)	79.30	80.11	80.93
Year 2 PV (M)	85.79	87.56	89.36
Year 3 PV (M)	90.33	93.15	96.03
Year 4 PV (M)	93.24	97.14	101.16
Year 5 PV (M)	94.78	99.76	104.95
PV of Terminal Value (M)	2,335.38	2,458.12	2,585.97
Equity Value (M)	2,778.80	2,915.84	3,058.39
Shares Outstanding (M)	1.41	1.41	1.41
Fair Value	$1,972.23	$2,069.49	$2,170.67
Upside / Downside	139.35%	151.15%	163.43%

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Forbo Holding AG (0QKD.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener