DDM Analysis: HEN.DE

Valuation Snapshot

Stable Growth	$85.50 - $131.45	$106.90
Multi-Stage	$141.05 - $154.80	$147.79
Blended Fair Value	$127.35
Current Price	$66.66
Upside	91.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.69%	3.92%	1.84	1.84	1.90	1.90	1.90	1.90	1.84	1.66	1.51	1.35
YoY Growth	-	-	0.00%	-3.02%	-0.38%	0.00%	0.00%	3.37%	10.60%	10.27%	12.23%	7.43%
Dividend Yield	-	-	2.17%	2.51%	2.92%	2.68%	2.06%	2.06%	1.92%	1.53%	1.33%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,871.00
(-) Cash Dividends Paid (M)	1,621.00
(=) Cash Retained (M)	2,250.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	774.20	483.88	290.33
Cash Retained (M)	2,250.00	2,250.00	2,250.00
(-) Cash Required (M)	-774.20	-483.88	-290.33
(=) Excess Retained (M)	1,475.80	1,766.13	1,959.68
(/) Shares Outstanding (M)	419.27	419.27	419.27
(=) Excess Retained per Share	3.52	4.21	4.67
LTM Dividend per Share	3.87	3.87	3.87
(+) Excess Retained per Share	3.52	4.21	4.67
(=) Adjusted Dividend	7.39	8.08	8.54
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	-0.58%	0.42%	1.42%
Fair Value	$85.50	$106.90	$131.45
Upside / Downside	28.26%	60.36%	97.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,871.00	3,887.36	3,903.79	3,920.28	3,936.85	3,953.49	4,072.09
Payout Ratio	41.88%	51.50%	61.13%	70.75%	80.38%	90.00%	92.50%
Projected Dividends (M)	1,621.00	2,002.00	2,386.20	2,773.61	3,164.25	3,558.14	3,766.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	-0.58%	0.42%	1.42%
Year 1 PV (M)	1,835.05	1,853.50	1,871.96
Year 2 PV (M)	2,004.80	2,045.33	2,086.27
Year 3 PV (M)	2,135.95	2,201.05	2,267.46
Year 4 PV (M)	2,233.57	2,324.79	2,418.79
Year 5 PV (M)	2,302.15	2,420.28	2,543.21
PV of Terminal Value (M)	48,626.06	51,121.18	53,717.68
Equity Value (M)	59,137.58	61,966.14	64,905.37
Shares Outstanding (M)	419.27	419.27	419.27
Fair Value	$141.05	$147.79	$154.80
Upside / Downside	111.59%	121.71%	132.23%

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Henkel AG & Co. KGaA (HEN.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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