DDM Analysis: 0QN2.L

Valuation Snapshot

Stable Growth	$2,894.41 - $6,273.54	$4,141.08
Multi-Stage	$3,454.58 - $3,786.76	$3,617.55
Blended Fair Value	$3,879.32
Current Price	$1,982.00
Upside	95.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.42%	13.45%	31.96	31.73	30.67	26.88	22.74	22.35	16.87	16.44	12.35	9.25
YoY Growth	-	-	0.73%	3.46%	14.07%	18.22%	1.76%	32.43%	2.63%	33.12%	33.55%	2.24%
Dividend Yield	-	-	1.60%	1.19%	1.31%	0.65%	0.84%	1.03%	1.19%	1.14%	1.11%	1.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	128.03
(-) Cash Dividends Paid (M)	53.18
(=) Cash Retained (M)	74.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.61	16.00	9.60
Cash Retained (M)	74.84	74.84	74.84
(-) Cash Required (M)	-25.61	-16.00	-9.60
(=) Excess Retained (M)	49.24	58.84	65.24
(/) Shares Outstanding (M)	0.83	0.83	0.83
(=) Excess Retained per Share	59.45	71.04	78.77
LTM Dividend per Share	64.21	64.21	64.21
(+) Excess Retained per Share	59.45	71.04	78.77
(=) Adjusted Dividend	123.66	135.25	142.98
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	2.63%	3.63%	4.63%
Fair Value	$2,894.41	$4,141.08	$6,273.54
Upside / Downside	46.03%	108.93%	216.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	128.03	132.67	137.48	142.47	147.64	152.99	157.58
Payout Ratio	41.54%	51.23%	60.92%	70.62%	80.31%	90.00%	92.50%
Projected Dividends (M)	53.18	67.97	83.76	100.61	118.57	137.69	145.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	2.63%	3.63%	4.63%
Year 1 PV (M)	62.90	63.52	64.13
Year 2 PV (M)	71.74	73.14	74.56
Year 3 PV (M)	79.74	82.10	84.50
Year 4 PV (M)	86.97	90.41	93.95
Year 5 PV (M)	93.48	98.12	102.95
PV of Terminal Value (M)	2,466.48	2,589.01	2,716.36
Equity Value (M)	2,861.32	2,996.30	3,136.45
Shares Outstanding (M)	0.83	0.83	0.83
Fair Value	$3,454.58	$3,617.55	$3,786.76
Upside / Downside	74.30%	82.52%	91.06%

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Interroll Holding AG (0QN2.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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