DDM Analysis: TMO

Valuation Snapshot

Stable Growth	$915.71 - $3,442.97	$2,708.47
Multi-Stage	$421.04 - $461.09	$440.70
Blended Fair Value	$1,574.59
Current Price	$464.24
Upside	239.17%
Decision	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	7.10%	7.10%	7.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$915.71	$2,708.47	$3,442.97
Upside / Downside	97.25%	483.42%	641.64%

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	7.10%	7.10%	7.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,655.95	1,671.65	1,687.35
Year 2 PV (M)	2,657.99	2,708.62	2,759.72
Year 3 PV (M)	3,629.80	3,734.00	3,840.17
Year 4 PV (M)	4,572.06	4,747.89	4,928.74
Year 5 PV (M)	5,485.44	5,750.38	6,025.47
PV of Terminal Value (M)	141,783.41	148,631.60	155,741.89
Equity Value (M)	159,784.65	167,244.14	174,983.35
Shares Outstanding (M)	379.50	379.50	379.50
Fair Value	$421.04	$440.70	$461.09
Upside / Downside	-9.31%	-5.07%	-0.68%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
0258.HK	Tomson Group Limited	1.44%	$0.03	7.69%
055490.KS	Tapex Co., Ltd.	1.44%	$199.78	51.52%
2756.TWO	Lian Fa International Dining Business Corp.	1.44%	$1.18	40.55%
300130.SZ	XGD Inc.	1.44%	$0.40	65.84%
300194.SZ	Fuan Pharmaceutical (Group) Co., Ltd.	1.44%	$0.06	52.37%
301058.SZ	COFCO Technology & Industry Co., Ltd.	1.44%	$0.16	34.15%
3393.HK	Wasion Holdings Limited	1.44%	$0.26	17.68%
5536.TWO	Acter Group Corporation Limited	1.44%	$10.99	47.44%
600809.SS	Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.	1.44%	$2.47	24.55%
6485.T	Maezawa Kyuso Industries Co.,Ltd.	1.44%	$22.77	15.91%
6506.T	YASKAWA Electric Corporation	1.44%	$68.32	30.92%
688092.SS	Hangzhou IECHO Science & Technology Co., Ltd.	1.44%	$0.36	55.35%
ISS.CO	ISS A/S	1.44%	$3.10	19.54%
003027.SZ	Tongxing Environmental Protection Technology Co.,Ltd	1.43%	$0.32	50.08%
0W19.L	Datagroup Se	1.43%	$1.00	34.00%
0YG7.L	Beijer Alma AB (publ)	1.43%	$4.12	46.18%
2427.T	OUTSOURCING Inc.	1.43%	$24.98	56.59%
300409.SZ	Guangdong Dowstone Technology Co., Ltd.	1.43%	$0.32	58.17%
600362.SS	Jiangxi Copper Company Limited	1.43%	$0.79	33.95%
600409.SS	Tangshan Sanyou Chemical Industries Co.,Ltd	1.43%	$0.09	81.03%
601858.SS	China Science Publishing & Media Ltd.	1.43%	$0.26	39.12%
603283.SS	Suzhou Secote Precision Electronic Co.,LTD	1.43%	$0.62	25.98%
603757.SS	Zhejiang Dayuan Pumps Industry Co., Ltd	1.43%	$0.63	58.53%
6479.T	MinebeaMitsumi Inc.	1.43%	$45.06	29.19%
7012.T	Kawasaki Heavy Industries, Ltd.	1.43%	$148.51	32.29%
9630.SR	Ratio Speciality Company for Trading	1.43%	$0.10	14.11%
G	Genpact Limited	1.43%	$0.66	20.93%
GIL	Gildan Activewear Inc.	1.43%	$0.90	28.59%
MRU.TO	Metro Inc.	1.43%	$1.42	30.52%
SIMINN.IC	Síminn hf.	1.43%	$0.21	33.47%
002568.SZ	Shanghai Bairun Investment Holding Group Co., Ltd.	1.42%	$0.31	46.41%
2270.HK	Desun Real Estate Investment Services Group Co., Ltd.	1.42%	$0.06	41.57%
300294.SZ	China Resources Boya Bio-pharmaceutical Group Co., Ltd.	1.42%	$0.32	49.45%
300433.SZ	Lens Technology Co., Ltd.	1.42%	$0.43	54.16%
300906.SZ	Jiangxi Everbright Measurement And Control Technology Co.,Ltd.	1.42%	$0.50	58.74%
301588.SZ	Newtechwood Corp	1.42%	$0.26	67.53%
4684.T	OBIC Co.,Ltd.	1.42%	$70.00	44.07%
600023.SS	Zhejiang Zheneng Electric Power Co., Ltd.	1.42%	$0.07	12.91%
600268.SS	Guodian Nanjing Automation Co., Ltd.	1.42%	$0.15	33.78%
605089.SS	Suzhou Weizhixiang Food Co., Ltd.	1.42%	$0.36	67.75%
688677.SS	Qingdao NovelBeam Technology Co.,Ltd.	1.42%	$0.61	52.58%
7456.T	MATSUDA SANGYO Co., Ltd.	1.42%	$75.07	17.79%
DNR.MI	Industrie De Nora S.p.A.	1.42%	$0.10	22.74%
000039.SZ	China International Marine Containers (Group) Co., Ltd.	1.41%	$0.14	31.30%
000778.SZ	Xinxing Ductile Iron Pipes Co., Ltd.	1.41%	$0.06	60.76%
002434.SZ	Zhejiang Wanliyang Co., Ltd.	1.41%	$0.13	54.38%
0354.HK	Chinasoft International Limited	1.41%	$0.07	16.05%
300298.SZ	Sinocare Inc.	1.41%	$0.24	47.22%
600063.SS	Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd	1.41%	$0.08	31.80%
603058.SS	GuiZhou YongJi Printing CO.,LTD	1.41%	$0.13	42.37%

Financial Statements

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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