DDM Analysis: SRT3.DE

Valuation Snapshot

Stable Growth	$408.12 - $486.78	$456.18
Multi-Stage	$83.69 - $91.66	$87.60
Blended Fair Value	$271.89
Current Price	$197.90
Upside	37.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.88%	3.80%	0.36	1.42	0.62	0.70	0.35	0.61	0.50	0.45	0.37	0.26
YoY Growth	-	-	-74.54%	129.44%	-11.20%	98.53%	-42.28%	21.78%	10.99%	20.53%	41.54%	5.94%
Dividend Yield	-	-	0.17%	0.40%	0.16%	0.17%	0.08%	0.27%	0.32%	0.40%	0.45%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	169.20
(-) Cash Dividends Paid (M)	50.70
(=) Cash Retained (M)	118.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.84	21.15	12.69
Cash Retained (M)	118.50	118.50	118.50
(-) Cash Required (M)	-33.84	-21.15	-12.69
(=) Excess Retained (M)	84.66	97.35	105.81
(/) Shares Outstanding (M)	69.13	69.13	69.13
(=) Excess Retained per Share	1.22	1.41	1.53
LTM Dividend per Share	0.73	0.73	0.73
(+) Excess Retained per Share	1.22	1.41	1.53
(=) Adjusted Dividend	1.96	2.14	2.26
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$408.12	$456.18	$486.78
Upside / Downside	106.23%	130.51%	145.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	169.20	180.20	191.91	204.39	217.67	231.82	238.77
Payout Ratio	29.96%	41.97%	53.98%	65.99%	77.99%	90.00%	92.50%
Projected Dividends (M)	50.70	75.63	103.59	134.87	169.77	208.64	220.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	70.68	71.35	72.02
Year 2 PV (M)	90.46	92.18	93.92
Year 3 PV (M)	110.06	113.22	116.43
Year 4 PV (M)	129.46	134.44	139.56
Year 5 PV (M)	148.68	155.86	163.32
PV of Terminal Value (M)	5,235.67	5,488.55	5,751.11
Equity Value (M)	5,785.00	6,055.60	6,336.37
Shares Outstanding (M)	69.13	69.13	69.13
Fair Value	$83.69	$87.60	$91.66
Upside / Downside	-57.71%	-55.74%	-53.68%

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Sartorius AG (SRT3.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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