DDM Analysis: 0QMS.L

Valuation Snapshot

Stable Growth	$42.22 - $72.89	$55.42
Multi-Stage	$71.76 - $78.78	$75.21
Blended Fair Value	$65.31
Current Price	$72.50
Upside	-9.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-12.81%	-2.19%	0.79	0.94	1.14	1.23	1.03	1.57	1.47	1.39	1.19	5.69
YoY Growth	-	-	-15.83%	-17.26%	-7.85%	19.45%	-34.29%	6.91%	6.14%	16.27%	-79.06%	475.84%
Dividend Yield	-	-	1.09%	2.00%	2.83%	2.97%	1.64%	3.05%	2.02%	2.00%	1.43%	8.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	140.10
(-) Cash Dividends Paid (M)	73.30
(=) Cash Retained (M)	66.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.02	17.51	10.51
Cash Retained (M)	66.80	66.80	66.80
(-) Cash Required (M)	-28.02	-17.51	-10.51
(=) Excess Retained (M)	38.78	49.29	56.29
(/) Shares Outstanding (M)	42.27	42.27	42.27
(=) Excess Retained per Share	0.92	1.17	1.33
LTM Dividend per Share	1.73	1.73	1.73
(+) Excess Retained per Share	0.92	1.17	1.33
(=) Adjusted Dividend	2.65	2.90	3.07
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	0.48%	1.48%	2.48%
Fair Value	$42.22	$55.42	$72.89
Upside / Downside	-41.77%	-23.56%	0.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	140.10	142.17	144.26	146.39	148.55	150.74	155.27
Payout Ratio	52.32%	59.86%	67.39%	74.93%	82.46%	90.00%	92.50%
Projected Dividends (M)	73.30	85.10	97.22	109.69	122.50	135.67	143.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	0.48%	1.48%	2.48%
Year 1 PV (M)	78.90	79.69	80.47
Year 2 PV (M)	83.59	85.26	86.95
Year 3 PV (M)	87.44	90.08	92.77
Year 4 PV (M)	90.55	94.21	97.98
Year 5 PV (M)	92.98	97.70	102.61
PV of Terminal Value (M)	2,599.96	2,731.95	2,869.24
Equity Value (M)	3,033.42	3,178.88	3,330.01
Shares Outstanding (M)	42.27	42.27	42.27
Fair Value	$71.76	$75.21	$78.78
Upside / Downside	-1.01%	3.73%	8.66%

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dormakaba Holding AG (0QMS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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