DDM Analysis: ESF.VI

Valuation Snapshot

Stable Growth	$139.65 - $624.61	$325.87
Multi-Stage	$73.95 - $80.78	$77.30
Blended Fair Value	$201.59
Current Price	$60.68
Upside	232.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.30%	17.97%	0.49	0.99	0.99	0.67	0.00	0.26	0.22	0.18	0.12	0.11
YoY Growth	-	-	-50.18%	-0.10%	48.11%	43,133.33%	-99.41%	20.91%	21.29%	55.50%	9.98%	11.47%
Dividend Yield	-	-	1.00%	1.67%	1.44%	0.60%	0.00%	0.40%	0.33%	0.27%	0.18%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	608.60
(-) Cash Dividends Paid (M)	378.70
(=) Cash Retained (M)	229.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121.72	76.08	45.65
Cash Retained (M)	229.90	229.90	229.90
(-) Cash Required (M)	-121.72	-76.08	-45.65
(=) Excess Retained (M)	108.18	153.83	184.26
(/) Shares Outstanding (M)	193.78	193.78	193.78
(=) Excess Retained per Share	0.56	0.79	0.95
LTM Dividend per Share	1.95	1.95	1.95
(+) Excess Retained per Share	0.56	0.79	0.95
(=) Adjusted Dividend	2.51	2.75	2.91
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$139.65	$325.87	$624.61
Upside / Downside	130.14%	437.02%	929.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	608.60	648.16	690.29	735.16	782.94	833.83	858.85
Payout Ratio	62.22%	67.78%	73.33%	78.89%	84.44%	90.00%	92.50%
Projected Dividends (M)	378.70	439.32	506.22	579.97	661.16	750.45	794.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	405.22	409.06	412.90
Year 2 PV (M)	430.68	438.88	447.16
Year 3 PV (M)	455.11	468.18	481.49
Year 4 PV (M)	478.55	496.95	515.88
Year 5 PV (M)	501.02	525.22	550.34
PV of Terminal Value (M)	12,059.25	12,641.72	13,246.48
Equity Value (M)	14,329.83	14,980.01	15,654.26
Shares Outstanding (M)	193.78	193.78	193.78
Fair Value	$73.95	$77.30	$80.78
Upside / Downside	21.87%	27.40%	33.13%

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Eurofins Scientific SE (ESF.VI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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