DDM Analysis: ISS.CO

Valuation Snapshot

Stable Growth	$170.30 - $277.90	$218.41
Multi-Stage	$338.77 - $372.96	$355.53
Blended Fair Value	$286.97
Current Price	$176.60
Upside	62.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-21.46%	0.00%	2.41	2.21	0.00	0.00	0.00	8.06	8.06	8.03	11.85	5.10
YoY Growth	-	-	8.97%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.28%	-32.22%	132.19%	0.00%
Dividend Yield	-	-	1.52%	1.76%	0.00%	0.00%	0.00%	8.62%	3.90%	3.72%	4.49%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,733.00
(-) Cash Dividends Paid (M)	534.00
(=) Cash Retained (M)	2,199.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	546.60	341.63	204.98
Cash Retained (M)	2,199.00	2,199.00	2,199.00
(-) Cash Required (M)	-546.60	-341.63	-204.98
(=) Excess Retained (M)	1,652.40	1,857.38	1,994.03
(/) Shares Outstanding (M)	176.53	176.53	176.53
(=) Excess Retained per Share	9.36	10.52	11.30
LTM Dividend per Share	3.02	3.02	3.02
(+) Excess Retained per Share	9.36	10.52	11.30
(=) Adjusted Dividend	12.39	13.55	14.32
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-0.77%	0.23%	1.23%
Fair Value	$170.30	$218.41	$277.90
Upside / Downside	-3.57%	23.68%	57.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,733.00	2,739.35	2,745.72	2,752.10	2,758.49	2,764.90	2,847.85
Payout Ratio	19.54%	33.63%	47.72%	61.82%	75.91%	90.00%	92.50%
Projected Dividends (M)	534.00	921.28	1,310.35	1,701.22	2,093.91	2,488.41	2,634.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-0.77%	0.23%	1.23%
Year 1 PV (M)	856.83	865.46	874.10
Year 2 PV (M)	1,133.43	1,156.39	1,179.58
Year 3 PV (M)	1,368.59	1,410.38	1,453.02
Year 4 PV (M)	1,566.65	1,630.77	1,696.83
Year 5 PV (M)	1,731.57	1,820.60	1,913.25
PV of Terminal Value (M)	53,147.48	55,879.93	58,723.63
Equity Value (M)	59,804.55	62,763.53	65,840.39
Shares Outstanding (M)	176.53	176.53	176.53
Fair Value	$338.77	$355.53	$372.96
Upside / Downside	91.83%	101.32%	111.19%

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ISS A/S (ISS.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener