DDM Analysis: 0KIZ.L

Valuation Snapshot

Stable Growth	$203.33 - $985.03	$437.09
Multi-Stage	$111.90 - $122.25	$116.98
Blended Fair Value	$277.04
Current Price	$109.90
Upside	152.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.47%	21.49%	2.80	2.60	1.70	1.60	0.00	0.80	0.68	0.54	0.40	0.40
YoY Growth	-	-	7.70%	52.91%	6.25%	0.00%	-100.00%	17.64%	25.89%	35.14%	0.00%	0.00%
Dividend Yield	-	-	2.81%	2.11%	1.91%	2.09%	0.00%	5.84%	2.25%	1.99%	1.28%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	821.50
(-) Cash Dividends Paid (M)	464.20
(=) Cash Retained (M)	357.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	164.30	102.69	61.61
Cash Retained (M)	357.30	357.30	357.30
(-) Cash Required (M)	-164.30	-102.69	-61.61
(=) Excess Retained (M)	193.00	254.61	295.69
(/) Shares Outstanding (M)	165.86	165.86	165.86
(=) Excess Retained per Share	1.16	1.54	1.78
LTM Dividend per Share	2.80	2.80	2.80
(+) Excess Retained per Share	1.16	1.54	1.78
(=) Adjusted Dividend	3.96	4.33	4.58
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$203.33	$437.09	$985.03
Upside / Downside	85.01%	297.72%	796.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	821.50	874.90	931.77	992.33	1,056.83	1,125.53	1,159.29
Payout Ratio	56.51%	63.21%	69.90%	76.60%	83.30%	90.00%	92.50%
Projected Dividends (M)	464.20	552.98	651.34	760.15	880.35	1,012.97	1,072.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	509.30	514.13	518.96
Year 2 PV (M)	552.52	563.04	573.66
Year 3 PV (M)	593.89	610.94	628.31
Year 4 PV (M)	633.48	657.84	682.90
Year 5 PV (M)	671.34	703.76	737.43
PV of Terminal Value (M)	15,598.95	16,352.38	17,134.65
Equity Value (M)	18,559.47	19,402.09	20,275.91
Shares Outstanding (M)	165.86	165.86	165.86
Fair Value	$111.90	$116.98	$122.25
Upside / Downside	1.82%	6.44%	11.24%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
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GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
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New Wave Group AB (publ) (0KIZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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