DDM Analysis: CHAM.SW

Valuation Snapshot

Stable Growth	$40.81 - $57.78	$49.19
Multi-Stage	$58.91 - $64.80	$61.79
Blended Fair Value	$55.49
Current Price	$22.60
Upside	145.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.15%	0.00%	0.00%	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)	122.75
(-) Cash Dividends Paid (M)	0.31
(=) Cash Retained (M)	122.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.55	15.34	9.21
Cash Retained (M)	122.44	122.44	122.44
(-) Cash Required (M)	-24.55	-15.34	-9.21
(=) Excess Retained (M)	97.89	107.10	113.24
(/) Shares Outstanding (M)	19.65	19.65	19.65
(=) Excess Retained per Share	4.98	5.45	5.76
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	4.98	5.45	5.76
(=) Adjusted Dividend	5.00	5.47	5.78
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$40.81	$49.19	$57.78
Upside / Downside	80.58%	117.67%	155.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	122.75	121.52	120.31	119.11	117.92	116.74	120.24
Payout Ratio	0.25%	18.20%	36.15%	54.10%	72.05%	90.00%	92.50%
Projected Dividends (M)	0.31	22.12	43.49	64.44	84.96	105.06	111.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	19.90	20.11	20.31
Year 2 PV (M)	35.22	35.94	36.67
Year 3 PV (M)	46.96	48.41	49.89
Year 4 PV (M)	55.72	58.03	60.41
Year 5 PV (M)	62.01	65.24	68.60
PV of Terminal Value (M)	937.73	986.56	1,037.40
Equity Value (M)	1,157.54	1,214.28	1,273.28
Shares Outstanding (M)	19.65	19.65	19.65
Fair Value	$58.91	$61.79	$64.80
Upside / Downside	160.65%	173.42%	186.71%

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Cham Swiss Properties AG (CHAM.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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