DDM Analysis: LH

Valuation Snapshot

Stable Growth	$76.20 - $111.15	$93.09
Multi-Stage	$130.57 - $143.51	$136.91
Blended Fair Value	$115.00
Current Price	$287.06
Upside	-59.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	2.89	3.02	2.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-4.29%	30.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.24%	1.40%	1.18%	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)	855.20
(-) Cash Dividends Paid (M)	241.50
(=) Cash Retained (M)	613.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	171.04	106.90	64.14
Cash Retained (M)	613.70	613.70	613.70
(-) Cash Required (M)	-171.04	-106.90	-64.14
(=) Excess Retained (M)	442.66	506.80	549.56
(/) Shares Outstanding (M)	84.08	84.08	84.08
(=) Excess Retained per Share	5.27	6.03	6.54
LTM Dividend per Share	2.87	2.87	2.87
(+) Excess Retained per Share	5.27	6.03	6.54
(=) Adjusted Dividend	8.14	8.90	9.41
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$76.20	$93.09	$111.15
Upside / Downside	-73.45%	-67.57%	-61.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	855.20	846.65	838.18	829.80	821.50	813.29	837.69
Payout Ratio	28.24%	40.59%	52.94%	65.30%	77.65%	90.00%	92.50%
Projected Dividends (M)	241.50	343.66	443.76	541.82	637.88	731.96	774.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	313.64	316.84	320.04
Year 2 PV (M)	369.62	377.20	384.86
Year 3 PV (M)	411.87	424.60	437.60
Year 4 PV (M)	442.53	460.87	479.77
Year 5 PV (M)	463.43	487.56	512.69
PV of Terminal Value (M)	8,976.57	9,444.00	9,930.70
Equity Value (M)	10,977.65	11,511.07	12,065.67
Shares Outstanding (M)	84.08	84.08	84.08
Fair Value	$130.57	$136.91	$143.51
Upside / Downside	-54.51%	-52.30%	-50.01%

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Labcorp Holdings Inc. (LH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener