DDM Analysis: TMO

Valuation Snapshot

Stable Growth	$463.50 - $1,493.80	$749.52
Multi-Stage	$296.95 - $324.83	$310.63
Blended Fair Value	$530.08
Current Price	$464.24
Upside	14.18%
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	14.44%	9.52%	1.54	1.38	1.20	1.04	0.89	0.78	0.70	0.62	0.63	0.63
YoY Growth	-	-	11.47%	14.95%	15.19%	17.21%	13.47%	11.65%	12.24%	-0.59%	-0.91%	2.47%
Dividend Yield	-	-	0.31%	0.24%	0.21%	0.18%	0.19%	0.29%	0.26%	0.30%	0.41%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,570.00
(-) Cash Dividends Paid (M)	623.00
(=) Cash Retained (M)	5,947.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,314.00	821.25	492.75
Cash Retained (M)	5,947.00	5,947.00	5,947.00
(-) Cash Required (M)	-1,314.00	-821.25	-492.75
(=) Excess Retained (M)	4,633.00	5,125.75	5,454.25
(/) Shares Outstanding (M)	379.50	379.50	379.50
(=) Excess Retained per Share	12.21	13.51	14.37
LTM Dividend per Share	1.64	1.64	1.64
(+) Excess Retained per Share	12.21	13.51	14.37
(=) Adjusted Dividend	13.85	15.15	16.01
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$463.50	$749.52	$1,493.80
Upside / Downside	-0.16%	61.45%	221.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,570.00	6,997.05	7,451.86	7,936.23	8,452.08	9,001.47	9,271.51
Payout Ratio	9.48%	25.59%	41.69%	57.79%	73.90%	90.00%	92.50%
Projected Dividends (M)	623.00	1,790.27	3,106.64	4,586.58	6,245.79	8,101.32	8,576.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,632.23	1,647.70	1,663.17
Year 2 PV (M)	2,582.37	2,631.55	2,681.21
Year 3 PV (M)	3,476.00	3,575.78	3,677.46
Year 4 PV (M)	4,315.60	4,481.57	4,652.28
Year 5 PV (M)	5,103.56	5,350.06	5,606.00
PV of Terminal Value (M)	95,581.76	100,198.40	104,991.72
Equity Value (M)	112,691.52	117,885.07	123,271.84
Shares Outstanding (M)	379.50	379.50	379.50
Fair Value	$296.95	$310.63	$324.83
Upside / Downside	-36.04%	-33.09%	-30.03%

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Financial Statements

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Ticker

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Sector

Thermo Fisher Scientific Inc. (TMO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener