DDM Analysis: 0QJY.L

Valuation Snapshot

Stable Growth	$223.10 - $342.30	$278.69
Multi-Stage	$478.68 - $527.37	$502.55
Blended Fair Value	$390.62
Current Price	$271.00
Upside	44.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	0.00%	4.50	1.00	2.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	349.45%	-60.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.68%	0.36%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.56
(-) Cash Dividends Paid (M)	3.48
(=) Cash Retained (M)	12.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.11	1.95	1.17
Cash Retained (M)	12.08	12.08	12.08
(-) Cash Required (M)	-3.11	-1.95	-1.17
(=) Excess Retained (M)	8.97	10.14	10.92
(/) Shares Outstanding (M)	0.63	0.63	0.63
(=) Excess Retained per Share	14.20	16.05	17.28
LTM Dividend per Share	5.51	5.51	5.51
(+) Excess Retained per Share	14.20	16.05	17.28
(=) Adjusted Dividend	19.71	21.56	22.79
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$223.10	$278.69	$342.30
Upside / Downside	-17.68%	2.84%	26.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.56	15.41	15.25	15.10	14.95	14.80	15.24
Payout Ratio	22.35%	35.88%	49.41%	62.94%	76.47%	90.00%	92.50%
Projected Dividends (M)	3.48	5.53	7.54	9.50	11.43	13.32	14.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.13	5.18	5.23
Year 2 PV (M)	6.49	6.62	6.76
Year 3 PV (M)	7.60	7.83	8.07
Year 4 PV (M)	8.48	8.83	9.20
Year 5 PV (M)	9.17	9.65	10.15
PV of Terminal Value (M)	265.50	279.32	293.72
Equity Value (M)	302.37	317.44	333.13
Shares Outstanding (M)	0.63	0.63	0.63
Fair Value	$478.68	$502.55	$527.37
Upside / Downside	76.64%	85.44%	94.60%

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Schaffner Holding AG (0QJY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener