DDM Analysis: LISN.SW

Valuation Snapshot

Stable Growth	$23,204.50 - $114,336.47	$41,357.99
Multi-Stage	$23,053.15 - $25,275.98	$24,143.73
Blended Fair Value	$32,750.86
Current Price	$13,350.00
Upside	145.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.32%	8.07%	178.64	168.59	157.76	146.66	231.90	131.50	124.06	116.00	103.95	92.35
YoY Growth	-	-	5.96%	6.86%	7.57%	-36.76%	76.35%	6.00%	6.94%	11.59%	12.57%	12.36%
Dividend Yield	-	-	1.77%	1.67%	1.67%	1.16%	2.69%	1.75%	2.05%	1.95%	1.97%	1.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,328.10
(-) Cash Dividends Paid (M)	666.50
(=) Cash Retained (M)	661.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	265.62	166.01	99.61
Cash Retained (M)	661.60	661.60	661.60
(-) Cash Required (M)	-265.62	-166.01	-99.61
(=) Excess Retained (M)	395.98	495.59	561.99
(/) Shares Outstanding (M)	1.80	1.80	1.80
(=) Excess Retained per Share	219.89	275.20	312.08
LTM Dividend per Share	370.11	370.11	370.11
(+) Excess Retained per Share	219.89	275.20	312.08
(=) Adjusted Dividend	590.00	645.32	682.19
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$23,204.50	$41,357.99	$114,336.47
Upside / Downside	73.82%	209.80%	756.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,328.10	1,386.40	1,447.26	1,510.79	1,577.11	1,646.34	1,695.73
Payout Ratio	50.18%	58.15%	66.11%	74.07%	82.04%	90.00%	92.50%
Projected Dividends (M)	666.50	806.16	956.79	1,119.10	1,293.81	1,481.70	1,568.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	753.11	760.39	767.68
Year 2 PV (M)	835.01	851.24	867.63
Year 3 PV (M)	912.39	939.12	966.37
Year 4 PV (M)	985.42	1,024.10	1,063.91
Year 5 PV (M)	1,054.27	1,106.25	1,160.26
PV of Terminal Value (M)	36,974.02	38,797.04	40,691.26
Equity Value (M)	41,514.23	43,478.15	45,517.12
Shares Outstanding (M)	1.80	1.80	1.80
Fair Value	$23,053.15	$24,143.73	$25,275.98
Upside / Downside	72.68%	80.85%	89.33%

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Chocoladefabriken Lindt & Sprüngli AG (LISN.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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