DDM Analysis: CHE

Valuation Snapshot

Stable Growth	$327.10 - $657.00	$455.27
Multi-Stage	$274.69 - $300.53	$287.37
Blended Fair Value	$371.32
Current Price	$447.74
Upside	-17.07%
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	6.48%	6.63%	1.84	1.60	1.50	1.50	1.43	1.34	1.27	1.18	1.12	1.06
YoY Growth	-	-	15.28%	6.74%	0.00%	4.45%	6.52%	6.03%	7.43%	5.67%	5.34%	9.47%
Dividend Yield	-	-	0.30%	0.25%	0.28%	0.30%	0.31%	0.31%	0.39%	0.43%	0.61%	0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	278.81
(-) Cash Dividends Paid (M)	30.69
(=) Cash Retained (M)	248.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.76	34.85	20.91
Cash Retained (M)	248.11	248.11	248.11
(-) Cash Required (M)	-55.76	-34.85	-20.91
(=) Excess Retained (M)	192.35	213.26	227.20
(/) Shares Outstanding (M)	14.72	14.72	14.72
(=) Excess Retained per Share	13.06	14.48	15.43
LTM Dividend per Share	2.08	2.08	2.08
(+) Excess Retained per Share	13.06	14.48	15.43
(=) Adjusted Dividend	15.15	16.57	17.52
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	4.48%	5.48%	6.48%
Fair Value	$327.10	$455.27	$657.00
Upside / Downside	-26.94%	1.68%	46.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	278.81	294.10	310.23	327.24	345.19	364.13	375.05
Payout Ratio	11.01%	26.81%	42.61%	58.40%	74.20%	90.00%	92.50%
Projected Dividends (M)	30.69	78.84	132.17	191.12	256.14	327.71	346.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	4.48%	5.48%	6.48%
Year 1 PV (M)	71.43	72.12	72.80
Year 2 PV (M)	108.50	110.59	112.70
Year 3 PV (M)	142.15	146.27	150.47
Year 4 PV (M)	172.61	179.32	186.21
Year 5 PV (M)	200.10	209.86	220.00
PV of Terminal Value (M)	3,349.73	3,513.13	3,682.84
Equity Value (M)	4,044.54	4,231.29	4,425.02
Shares Outstanding (M)	14.72	14.72	14.72
Fair Value	$274.69	$287.37	$300.53
Upside / Downside	-38.65%	-35.82%	-32.88%

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300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
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603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
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LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
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7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
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Chemed Corporation (CHE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener