DDM Analysis: 0QP2.L

Valuation Snapshot

Stable Growth	$661.43 - $1,299.66	$913.18
Multi-Stage	$980.83 - $1,074.72	$1,026.89
Blended Fair Value	$970.04
Current Price	$699.02
Upside	38.77%
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	8.08%	3.46%	28.87	26.93	24.45	22.22	21.40	19.58	20.95	20.08	19.23	19.93
YoY Growth	-	-	7.20%	10.14%	10.03%	3.86%	9.30%	-6.53%	4.29%	4.44%	-3.52%	-3.01%
Dividend Yield	-	-	4.16%	5.04%	5.11%	4.49%	5.01%	5.49%	6.30%	6.11%	7.22%	8.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,853.00
(-) Cash Dividends Paid (M)	4,665.00
(=) Cash Retained (M)	1,188.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,170.60	731.63	438.98
Cash Retained (M)	1,188.00	1,188.00	1,188.00
(-) Cash Required (M)	-1,170.60	-731.63	-438.98
(=) Excess Retained (M)	17.40	456.38	749.03
(/) Shares Outstanding (M)	143.94	143.94	143.94
(=) Excess Retained per Share	0.12	3.17	5.20
LTM Dividend per Share	32.41	32.41	32.41
(+) Excess Retained per Share	0.12	3.17	5.20
(=) Adjusted Dividend	32.53	35.58	37.61
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	1.67%	2.67%	3.67%
Fair Value	$661.43	$913.18	$1,299.66
Upside / Downside	-5.38%	30.64%	85.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,853.00	6,009.43	6,170.05	6,334.95	6,504.27	6,678.11	6,878.45
Payout Ratio	79.70%	81.76%	83.82%	85.88%	87.94%	90.00%	92.50%
Projected Dividends (M)	4,665.00	4,913.44	5,171.83	5,440.53	5,719.89	6,010.30	6,362.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	1.67%	2.67%	3.67%
Year 1 PV (M)	4,561.22	4,606.08	4,650.94
Year 2 PV (M)	4,456.92	4,545.02	4,633.99
Year 3 PV (M)	4,352.37	4,482.06	4,614.30
Year 4 PV (M)	4,247.83	4,417.43	4,592.06
Year 5 PV (M)	4,143.53	4,351.35	4,567.42
PV of Terminal Value (M)	119,423.53	125,413.14	131,640.69
Equity Value (M)	141,185.40	147,815.08	154,699.41
Shares Outstanding (M)	143.94	143.94	143.94
Fair Value	$980.83	$1,026.89	$1,074.72
Upside / Downside	40.32%	46.90%	53.75%

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Zurich Insurance Group AG (0QP2.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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