DDM Analysis: 0QN7.L

Valuation Snapshot

Stable Growth	$887.44 - $1,337.11	$1,099.79
Multi-Stage	$1,162.69 - $1,271.85	$1,216.25
Blended Fair Value	$1,158.02
Current Price	$610.00
Upside	89.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.79%	3.37%	19.69	20.57	18.06	19.02	17.05	17.15	14.72	15.49	13.43	15.15
YoY Growth	-	-	-4.29%	13.92%	-5.10%	11.61%	-0.62%	16.53%	-5.01%	15.42%	-11.38%	7.18%
Dividend Yield	-	-	3.98%	4.67%	4.27%	4.28%	3.59%	3.00%	3.03%	2.93%	2.79%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	293.56
(-) Cash Dividends Paid (M)	123.44
(=) Cash Retained (M)	170.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.71	36.69	22.02
Cash Retained (M)	170.11	170.11	170.11
(-) Cash Required (M)	-58.71	-36.69	-22.02
(=) Excess Retained (M)	111.40	133.42	148.10
(/) Shares Outstanding (M)	2.90	2.90	2.90
(=) Excess Retained per Share	38.43	46.02	51.09
LTM Dividend per Share	42.58	42.58	42.58
(+) Excess Retained per Share	38.43	46.02	51.09
(=) Adjusted Dividend	81.01	88.60	93.67
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	0.79%	1.79%	2.79%
Fair Value	$887.44	$1,099.79	$1,337.11
Upside / Downside	45.48%	80.29%	119.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	293.56	298.82	304.18	309.64	315.19	320.84	330.47
Payout Ratio	42.05%	51.64%	61.23%	70.82%	80.41%	90.00%	92.50%
Projected Dividends (M)	123.44	154.31	186.25	219.29	253.44	288.76	305.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	0.79%	1.79%	2.79%
Year 1 PV (M)	138.91	140.29	141.67
Year 2 PV (M)	150.93	153.94	156.98
Year 3 PV (M)	159.97	164.78	169.68
Year 4 PV (M)	166.44	173.14	180.05
Year 5 PV (M)	170.70	179.34	188.33
PV of Terminal Value (M)	2,583.66	2,714.39	2,850.36
Equity Value (M)	3,370.61	3,525.89	3,687.07
Shares Outstanding (M)	2.90	2.90	2.90
Fair Value	$1,162.69	$1,216.25	$1,271.85
Upside / Downside	90.60%	99.38%	108.50%

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Vaudoise Assurances Holding S.A. (0QN7.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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