DDM Analysis: ASME.DE

Valuation Snapshot

Stable Growth	$2,289.28 - $4,819.14	$4,516.24
Multi-Stage	$728.44 - $797.67	$762.42
Blended Fair Value	$2,639.33
Current Price	$828.10
Upside	218.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.10%	24.78%	6.28	6.01	6.55	3.50	2.73	3.39	1.53	1.32	1.14	0.77
YoY Growth	-	-	4.45%	-8.26%	87.08%	28.31%	-19.56%	122.02%	15.56%	15.88%	47.50%	12.81%
Dividend Yield	-	-	1.04%	0.68%	1.06%	0.57%	0.53%	1.40%	0.90%	0.83%	0.92%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,463.20
(-) Cash Dividends Paid (M)	2,529.00
(=) Cash Retained (M)	6,934.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,892.64	1,182.90	709.74
Cash Retained (M)	6,934.20	6,934.20	6,934.20
(-) Cash Required (M)	-1,892.64	-1,182.90	-709.74
(=) Excess Retained (M)	5,041.56	5,751.30	6,224.46
(/) Shares Outstanding (M)	390.53	390.53	390.53
(=) Excess Retained per Share	12.91	14.73	15.94
LTM Dividend per Share	6.48	6.48	6.48
(+) Excess Retained per Share	12.91	14.73	15.94
(=) Adjusted Dividend	19.39	21.20	22.41
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,289.28	$4,516.24	$4,819.14
Upside / Downside	176.45%	445.37%	481.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,463.20	10,078.31	10,733.40	11,431.07	12,174.09	12,965.40	13,354.37
Payout Ratio	26.72%	39.38%	52.03%	64.69%	77.34%	90.00%	92.50%
Projected Dividends (M)	2,529.00	3,968.80	5,585.10	7,394.74	9,416.04	11,668.86	12,352.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,695.28	3,730.31	3,765.34
Year 2 PV (M)	4,841.80	4,934.03	5,027.12
Year 3 PV (M)	5,968.81	6,140.15	6,314.74
Year 4 PV (M)	7,076.55	7,348.69	7,628.61
Year 5 PV (M)	8,165.26	8,559.64	8,969.12
PV of Terminal Value (M)	254,726.90	267,030.30	279,804.59
Equity Value (M)	284,474.60	297,743.13	311,509.52
Shares Outstanding (M)	390.53	390.53	390.53
Fair Value	$728.44	$762.42	$797.67
Upside / Downside	-12.03%	-7.93%	-3.67%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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ASML Holding N.V. (ASME.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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