DDM Analysis: 0NZN.L

Valuation Snapshot

Stable Growth	$4,354.82 - $17,508.31	$11,616.62
Multi-Stage	$2,104.82 - $2,303.47	$2,202.32
Blended Fair Value	$6,909.47
Current Price	$800.00
Upside	763.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.59%	10.55%	8.54	10.70	8.89	6.22	5.55	6.21	5.76	5.09	4.41	3.64
YoY Growth	-	-	-20.13%	20.32%	42.93%	12.06%	-10.60%	7.80%	13.21%	15.22%	21.21%	16.26%
Dividend Yield	-	-	1.00%	1.31%	1.06%	0.64%	0.61%	0.68%	1.14%	1.25%	1.26%	1.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	183.23
(-) Cash Dividends Paid (M)	43.24
(=) Cash Retained (M)	139.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.65	22.90	13.74
Cash Retained (M)	139.99	139.99	139.99
(-) Cash Required (M)	-36.65	-22.90	-13.74
(=) Excess Retained (M)	103.34	117.08	126.25
(/) Shares Outstanding (M)	2.08	2.08	2.08
(=) Excess Retained per Share	49.65	56.25	60.66
LTM Dividend per Share	20.78	20.78	20.78
(+) Excess Retained per Share	49.65	56.25	60.66
(=) Adjusted Dividend	70.43	77.03	81.43
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,354.82	$11,616.62	$17,508.31
Upside / Downside	444.35%	1,352.08%	2,088.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	183.23	195.14	207.83	221.34	235.72	251.05	258.58
Payout Ratio	23.60%	36.88%	50.16%	63.44%	76.72%	90.00%	92.50%
Projected Dividends (M)	43.24	71.97	104.25	140.42	180.85	225.94	239.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	66.50	67.13	67.76
Year 2 PV (M)	89.01	90.70	92.41
Year 3 PV (M)	110.78	113.96	117.20
Year 4 PV (M)	131.84	136.91	142.12
Year 5 PV (M)	152.20	159.55	167.18
PV of Terminal Value (M)	3,830.48	4,015.49	4,207.58
Equity Value (M)	4,380.80	4,583.74	4,794.27
Shares Outstanding (M)	2.08	2.08	2.08
Fair Value	$2,104.82	$2,202.32	$2,303.47
Upside / Downside	163.10%	175.29%	187.93%

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Robertet S.A. (0NZN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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