DDM Analysis: HLUN-A.CO

Valuation Snapshot

Stable Growth	$63.27 - $125.53	$87.67
Multi-Stage	$92.11 - $101.17	$96.55
Blended Fair Value	$92.11
Current Price	$45.54
Upside	102.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-21.87%	2.47%	0.70	0.58	0.40	0.50	0.82	2.40	1.60	0.49	0.00	0.00
YoY Growth	-	-	20.49%	45.09%	-20.12%	-39.02%	-65.81%	50.03%	228.99%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	2.01%	1.75%	1.26%	1.54%	2.53%	7.39%	4.93%	1.50%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,809.00
(-) Cash Dividends Paid (M)	943.00
(=) Cash Retained (M)	2,866.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	761.80	476.13	285.68
Cash Retained (M)	2,866.00	2,866.00	2,866.00
(-) Cash Required (M)	-761.80	-476.13	-285.68
(=) Excess Retained (M)	2,104.20	2,389.88	2,580.33
(/) Shares Outstanding (M)	992.72	992.72	992.72
(=) Excess Retained per Share	2.12	2.41	2.60
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	2.12	2.41	2.60
(=) Adjusted Dividend	3.07	3.36	3.55
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	1.60%	2.60%	3.60%
Fair Value	$63.27	$87.67	$125.53
Upside / Downside	38.94%	92.51%	175.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,809.00	3,908.17	4,009.92	4,114.33	4,221.45	4,331.36	4,461.30
Payout Ratio	24.76%	37.81%	50.85%	63.90%	76.95%	90.00%	92.50%
Projected Dividends (M)	943.00	1,477.51	2,039.22	2,629.17	3,248.47	3,898.22	4,126.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	1.60%	2.60%	3.60%
Year 1 PV (M)	1,373.39	1,386.91	1,400.43
Year 2 PV (M)	1,761.94	1,796.79	1,831.99
Year 3 PV (M)	2,111.59	2,174.55	2,238.75
Year 4 PV (M)	2,425.11	2,522.00	2,621.77
Year 5 PV (M)	2,705.10	2,840.86	2,982.03
PV of Terminal Value (M)	81,059.61	85,127.92	89,357.96
Equity Value (M)	91,436.73	95,849.03	100,432.92
Shares Outstanding (M)	992.72	992.72	992.72
Fair Value	$92.11	$96.55	$101.17
Upside / Downside	102.25%	112.01%	122.15%

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H. Lundbeck A/S (HLUN-A.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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