DDM Analysis: 0QQZ.L

Valuation Snapshot

Stable Growth	$653.84 - $1,006.02	$817.78
Multi-Stage	$1,409.67 - $1,553.98	$1,480.40
Blended Fair Value	$1,149.09
Current Price	$482.00
Upside	138.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.22%	0.00%	12.01	17.01	17.01	16.01	16.02	14.90	16.29	13.96	13.96	13.96
YoY Growth	-	-	-29.41%	0.00%	6.26%	-0.08%	7.52%	-8.52%	16.66%	0.01%	0.00%	0.00%
Dividend Yield	-	-	2.75%	3.46%	3.54%	3.68%	3.86%	3.31%	3.55%	2.90%	3.54%	3.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	427.95
(-) Cash Dividends Paid (M)	50.89
(=) Cash Retained (M)	377.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.59	53.49	32.10
Cash Retained (M)	377.06	377.06	377.06
(-) Cash Required (M)	-85.59	-53.49	-32.10
(=) Excess Retained (M)	291.47	323.56	344.96
(/) Shares Outstanding (M)	5.98	5.98	5.98
(=) Excess Retained per Share	48.72	54.08	57.66
LTM Dividend per Share	8.51	8.51	8.51
(+) Excess Retained per Share	48.72	54.08	57.66
(=) Adjusted Dividend	57.23	62.59	66.17
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$653.84	$817.78	$1,006.02
Upside / Downside	35.65%	69.66%	108.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	427.95	423.67	419.44	415.24	411.09	406.98	419.19
Payout Ratio	11.89%	27.51%	43.14%	58.76%	74.38%	90.00%	92.50%
Projected Dividends (M)	50.89	116.57	180.93	243.98	305.76	366.28	387.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	108.27	109.38	110.48
Year 2 PV (M)	156.08	159.28	162.52
Year 3 PV (M)	195.50	201.54	207.71
Year 4 PV (M)	227.56	236.99	246.71
Year 5 PV (M)	253.19	266.38	280.10
PV of Terminal Value (M)	7,493.04	7,883.22	8,289.48
Equity Value (M)	8,433.64	8,856.78	9,297.01
Shares Outstanding (M)	5.98	5.98	5.98
Fair Value	$1,409.67	$1,480.40	$1,553.98
Upside / Downside	192.46%	207.14%	222.40%

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CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
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%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
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AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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St. Galler Kantonalbank AG (0QQZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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