DDM Analysis: 0QNH.L

Valuation Snapshot

Stable Growth	$81.98 - $134.83	$105.48
Multi-Stage	$149.11 - $163.78	$156.31
Blended Fair Value	$130.89
Current Price	$88.60
Upside	47.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.40%	7.26%	1.70	2.10	2.07	1.37	1.69	2.64	1.16	1.32	1.06	1.48
YoY Growth	-	-	-19.05%	1.39%	51.07%	-18.75%	-36.00%	127.32%	-12.02%	25.00%	-28.57%	75.01%
Dividend Yield	-	-	2.29%	3.09%	2.40%	1.57%	2.42%	3.45%	1.75%	2.54%	1.86%	3.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.97
(-) Cash Dividends Paid (M)	66.47
(=) Cash Retained (M)	67.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.79	16.75	10.05
Cash Retained (M)	67.51	67.51	67.51
(-) Cash Required (M)	-26.79	-16.75	-10.05
(=) Excess Retained (M)	40.71	50.76	57.46
(/) Shares Outstanding (M)	18.45	18.45	18.45
(=) Excess Retained per Share	2.21	2.75	3.11
LTM Dividend per Share	3.60	3.60	3.60
(+) Excess Retained per Share	2.21	2.75	3.11
(=) Adjusted Dividend	5.81	6.35	6.72
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-0.22%	0.78%	1.78%
Fair Value	$81.98	$105.48	$134.83
Upside / Downside	-7.47%	19.05%	52.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.97	135.02	136.08	137.14	138.22	139.30	143.48
Payout Ratio	49.61%	57.69%	65.77%	73.85%	81.92%	90.00%	92.50%
Projected Dividends (M)	66.47	77.89	89.50	101.27	113.23	125.37	132.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-0.22%	0.78%	1.78%
Year 1 PV (M)	72.18	72.90	73.62
Year 2 PV (M)	76.84	78.38	79.95
Year 3 PV (M)	80.57	83.01	85.51
Year 4 PV (M)	83.46	86.86	90.36
Year 5 PV (M)	85.63	90.00	94.56
PV of Terminal Value (M)	2,352.69	2,472.96	2,598.11
Equity Value (M)	2,751.36	2,884.12	3,022.11
Shares Outstanding (M)	18.45	18.45	18.45
Fair Value	$149.11	$156.31	$163.78
Upside / Downside	68.30%	76.42%	84.86%

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Huber+Suhner AG (0QNH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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