DDM Analysis: 0QNM.L

Valuation Snapshot

Stable Growth	$13.06 - $19.18	$16.00
Multi-Stage	$19.66 - $21.50	$20.56
Blended Fair Value	$18.28
Current Price	$25.23
Upside	-27.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	4.03%	2.57	2.51	2.43	2.17	2.27	2.14	2.08	2.22	2.21	2.07
YoY Growth	-	-	2.37%	3.18%	12.05%	-4.20%	5.83%	2.86%	-6.42%	0.54%	6.90%	19.59%
Dividend Yield	-	-	9.30%	7.08%	7.28%	5.28%	3.94%	5.95%	4.31%	3.85%	3.33%	3.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	280.00
(-) Cash Dividends Paid (M)	176.00
(=) Cash Retained (M)	104.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.00	35.00	21.00
Cash Retained (M)	104.00	104.00	104.00
(-) Cash Required (M)	-56.00	-35.00	-21.00
(=) Excess Retained (M)	48.00	69.00	83.00
(/) Shares Outstanding (M)	168.18	168.18	168.18
(=) Excess Retained per Share	0.29	0.41	0.49
LTM Dividend per Share	1.05	1.05	1.05
(+) Excess Retained per Share	0.29	0.41	0.49
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	-0.53%	0.47%	1.47%
Fair Value	$13.06	$16.00	$19.18
Upside / Downside	-48.25%	-36.58%	-23.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	280.00	281.31	282.63	283.95	285.28	286.62	295.21
Payout Ratio	62.86%	68.29%	73.71%	79.14%	84.57%	90.00%	92.50%
Projected Dividends (M)	176.00	192.10	208.34	224.73	241.27	257.95	273.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	-0.53%	0.47%	1.47%
Year 1 PV (M)	173.50	175.25	176.99
Year 2 PV (M)	169.96	173.39	176.86
Year 3 PV (M)	165.58	170.63	175.77
Year 4 PV (M)	160.56	167.12	173.87
Year 5 PV (M)	155.05	163.01	171.28
PV of Terminal Value (M)	2,481.54	2,608.82	2,741.26
Equity Value (M)	3,306.20	3,458.21	3,616.04
Shares Outstanding (M)	168.18	168.18	168.18
Fair Value	$19.66	$20.56	$21.50
Upside / Downside	-22.08%	-18.50%	-14.78%

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Adecco Group AG (0QNM.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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