DDM Analysis: 0A05.L

Valuation Snapshot

Stable Growth	$61.15 - $90.86	$75.32
Multi-Stage	$112.28 - $123.60	$117.83
Blended Fair Value	$96.57
Current Price	$143.57
Upside	-32.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.56	0.55	0.52	0.00	0.00	0.00	3.27	3.15	0.00	0.00
YoY Growth	-	-	1.27%	6.10%	0.00%	0.00%	0.00%	-100.00%	3.88%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.49%	0.41%	0.50%	0.00%	0.00%	0.00%	3.83%	3.84%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.14
(-) Cash Dividends Paid (M)	26.34
(=) Cash Retained (M)	124.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.23	18.89	11.34
Cash Retained (M)	124.80	124.80	124.80
(-) Cash Required (M)	-30.23	-18.89	-11.34
(=) Excess Retained (M)	94.57	105.91	113.47
(/) Shares Outstanding (M)	19.96	19.96	19.96
(=) Excess Retained per Share	4.74	5.31	5.68
LTM Dividend per Share	1.32	1.32	1.32
(+) Excess Retained per Share	4.74	5.31	5.68
(=) Adjusted Dividend	6.06	6.63	7.00
WACC / Discount Rate	7.71%	7.71%	7.71%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$61.15	$75.32	$90.86
Upside / Downside	-57.41%	-47.54%	-36.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.14	149.63	148.14	146.65	145.19	143.74	148.05
Payout Ratio	17.43%	31.94%	46.46%	60.97%	75.49%	90.00%	92.50%
Projected Dividends (M)	26.34	47.80	68.82	89.42	109.60	129.36	136.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.71%	7.71%	7.71%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	43.93	44.38	44.82
Year 2 PV (M)	58.13	59.32	60.53
Year 3 PV (M)	69.41	71.56	73.75
Year 4 PV (M)	78.19	81.43	84.77
Year 5 PV (M)	84.82	89.24	93.83
PV of Terminal Value (M)	1,906.54	2,005.82	2,109.19
Equity Value (M)	2,241.02	2,351.74	2,466.89
Shares Outstanding (M)	19.96	19.96	19.96
Fair Value	$112.28	$117.83	$123.60
Upside / Downside	-21.79%	-17.93%	-13.91%

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Medacta Group S.A. (0A05.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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