DDM Analysis: 0QMI.L

Valuation Snapshot

Stable Growth	$39.03 - $56.72	$47.60
Multi-Stage	$101.21 - $111.70	$106.35
Blended Fair Value	$76.98
Current Price	$80.50
Upside	-4.38%
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	-18.87%	-8.42%	1.10	3.14	3.19	3.19	3.18	3.13	3.05	2.81	2.75	2.78
YoY Growth	-	-	-64.92%	-1.50%	0.00%	0.17%	1.53%	2.79%	8.52%	2.13%	-0.96%	4.61%
Dividend Yield	-	-	1.21%	4.33%	3.71%	2.61%	2.98%	2.95%	3.44%	2.76%	3.32%	3.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,019.00
(-) Cash Dividends Paid (M)	318.00
(=) Cash Retained (M)	701.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	203.80	127.38	76.43
Cash Retained (M)	701.00	701.00	701.00
(-) Cash Required (M)	-203.80	-127.38	-76.43
(=) Excess Retained (M)	497.20	573.63	624.58
(/) Shares Outstanding (M)	187.97	187.97	187.97
(=) Excess Retained per Share	2.65	3.05	3.32
LTM Dividend per Share	1.69	1.69	1.69
(+) Excess Retained per Share	2.65	3.05	3.32
(=) Adjusted Dividend	4.34	4.74	5.01
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-4.20%	-3.20%	-2.20%
Fair Value	$39.03	$47.60	$56.72
Upside / Downside	-51.52%	-40.87%	-29.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,019.00	986.42	954.89	924.36	894.81	866.20	892.19
Payout Ratio	31.21%	42.97%	54.72%	66.48%	78.24%	90.00%	92.50%
Projected Dividends (M)	318.00	423.82	522.55	614.54	700.11	779.58	825.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-4.20%	-3.20%	-2.20%
Year 1 PV (M)	394.03	398.15	402.26
Year 2 PV (M)	451.68	461.16	470.73
Year 3 PV (M)	493.85	509.48	525.43
Year 4 PV (M)	523.07	545.26	568.14
Year 5 PV (M)	541.51	570.37	600.44
PV of Terminal Value (M)	16,620.67	17,506.41	18,429.51
Equity Value (M)	19,024.81	19,990.81	20,996.51
Shares Outstanding (M)	187.97	187.97	187.97
Fair Value	$101.21	$106.35	$111.70
Upside / Downside	25.73%	32.11%	38.76%

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SGS S.A. (0QMI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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