DDM Analysis: 0J7X.L

Valuation Snapshot

Stable Growth	$564.78 - $2,011.79	$1,842.24
Multi-Stage	$256.11 - $280.23	$267.95
Blended Fair Value	$1,055.10
Current Price	$171.00
Upside	517.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.57%	4.01%	1.00	1.07	2.15	1.95	0.78	0.77	1.62	1.50	0.73	0.70
YoY Growth	-	-	-5.95%	-50.26%	10.07%	151.41%	1.32%	-52.86%	8.20%	106.79%	3.52%	3.42%
Dividend Yield	-	-	0.75%	1.04%	2.66%	1.54%	0.60%	1.46%	1.92%	1.67%	0.81%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.16
(-) Cash Dividends Paid (M)	17.73
(=) Cash Retained (M)	36.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.83	6.77	4.06
Cash Retained (M)	36.43	36.43	36.43
(-) Cash Required (M)	-10.83	-6.77	-4.06
(=) Excess Retained (M)	25.60	29.66	32.37
(/) Shares Outstanding (M)	5.35	5.35	5.35
(=) Excess Retained per Share	4.78	5.54	6.05
LTM Dividend per Share	3.31	3.31	3.31
(+) Excess Retained per Share	4.78	5.54	6.05
(=) Adjusted Dividend	8.09	8.85	9.36
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$564.78	$1,842.24	$2,011.79
Upside / Downside	230.28%	977.33%	1,076.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.16	57.68	61.43	65.42	69.68	74.21	76.43
Payout Ratio	32.74%	44.19%	55.64%	67.10%	78.55%	90.00%	92.50%
Projected Dividends (M)	17.73	25.49	34.18	43.90	54.73	66.78	70.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.60	23.82	24.04
Year 2 PV (M)	29.29	29.85	30.41
Year 3 PV (M)	34.82	35.82	36.84
Year 4 PV (M)	40.19	41.73	43.32
Year 5 PV (M)	45.40	47.59	49.87
PV of Terminal Value (M)	1,197.96	1,255.83	1,315.90
Equity Value (M)	1,371.26	1,434.64	1,500.39
Shares Outstanding (M)	5.35	5.35	5.35
Fair Value	$256.11	$267.95	$280.23
Upside / Downside	49.77%	56.70%	63.88%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
SO	The Southern Company	3.09%	$2.69	67.01%
CFR	Cullen/Frost Bankers, Inc.	3.08%	$3.94	39.68%
CMS	CMS Energy Corporation	3.08%	$2.17	62.27%
SJW	SJW Group	3.08%	$1.60	52.08%
SNV	Synovus Financial Corp.	3.08%	$1.54	27.05%
0HCT.L	Alliant Energy Corporation	3.07%	$1.99	62.84%
0M3L.L	Zions Bancorporation, National Association	3.07%	$1.79	31.01%
IVZ	Invesco Ltd.	3.07%	$0.83	35.83%
SWX	Southwest Gas Holdings, Inc.	3.07%	$2.46	38.44%
PEG	Public Service Enterprise Group Incorporated	3.06%	$2.48	59.65%
CASS	Cass Information Systems, Inc.	3.05%	$1.24	52.58%
CIVB	Civista Bancshares, Inc.	3.05%	$0.67	25.26%
TXN	Texas Instruments Incorporated	3.05%	$5.41	98.14%
CTRE	CareTrust REIT, Inc.	3.04%	$1.10	89.62%
UCB	United Community Banks, Inc.	3.04%	$0.95	36.76%
DRI	Darden Restaurants, Inc.	3.03%	$5.68	60.69%
HMN	Horace Mann Educators Corporation	3.02%	$1.36	34.55%
VG	Venture Global, Inc.	3.02%	$0.21	24.09%
HFBL	Home Federal Bancorp, Inc. of Louisiana	3.01%	$0.54	35.96%
TOWN	TowneBank	3.01%	$1.00	45.24%
GBCI	Glacier Bancorp, Inc.	3.00%	$1.34	64.06%
MBWM	Mercantile Bank Corporation	3.00%	$1.43	27.14%
PPL	PPL Corporation	3.00%	$1.05	71.70%
DTSQ	DT Cloud Star Acquisition Corporation	2.99%	$0.32	87.02%
EBMT	Eagle Bancorp Montana, Inc.	2.99%	$0.58	33.76%
INDB	Independent Bank Corp.	2.99%	$2.19	35.86%
ESSA	ESSA Bancorp, Inc.	2.98%	$0.61	39.75%
RDN	Radian Group Inc.	2.98%	$1.07	25.60%
0K0X.L	MetLife, Inc.	2.96%	$2.36	41.08%
CUBB	Customers Bancorp, Inc 5.375% S	2.96%	$0.66	12.54%
HBB	Hamilton Beach Brands Holding Company	2.96%	$0.47	20.02%
SD	SandRidge Energy, Inc.	2.96%	$0.44	24.38%
STRW	Strawberry Fields REIT LLC	2.95%	$0.38	70.76%
INGR	Ingredion Incorporated	2.94%	$3.23	32.02%
JWN	Nordstrom, Inc.	2.94%	$0.73	42.03%
PKBK	Parke Bancorp, Inc.	2.94%	$0.71	25.08%
0JW2.L	M&T Bank Corporation	2.93%	$5.91	33.38%
EIG	Employers Holdings, Inc.	2.93%	$1.26	48.48%
MYE	Myers Industries, Inc.	2.93%	$0.55	73.41%
RM	Regional Management Corp.	2.93%	$1.15	28.16%
HSY	The Hershey Company	2.92%	$5.33	79.75%
STZ	Constellation Brands, Inc.	2.92%	$4.12	59.24%
AROC	Archrock, Inc.	2.91%	$0.77	51.05%
JXN	Jackson Financial Inc.	2.91%	$3.13	38.19%
OSPN	OneSpan Inc.	2.91%	$0.36	23.87%
0LC6.L	Sysco Corporation	2.90%	$2.10	55.57%
EXE	Expand Energy Corporation	2.89%	$3.17	87.89%
PG	The Procter & Gamble Company	2.89%	$4.09	59.50%
RES	RPC, Inc.	2.89%	$0.16	72.96%
0M1R.L	Xcel Energy Inc.	2.88%	$2.16	65.69%

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MBB SE (0J7X.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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