DDM Analysis: 0QRA.L

Valuation Snapshot

Stable Growth	$524.38 - $617.81	$578.98
Multi-Stage	$132.52 - $145.21	$138.75
Blended Fair Value	$358.86
Current Price	$87.76
Upside	308.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.99%	0.00%	0.99	0.95	0.74	0.54	0.00	0.49	0.45	0.40	0.34	0.30
YoY Growth	-	-	5.00%	28.57%	35.92%	0.00%	-100.00%	10.59%	11.84%	16.92%	14.04%	0.00%
Dividend Yield	-	-	1.24%	1.10%	1.33%	0.80%	0.00%	3.53%	2.28%	1.89%	1.73%	2.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	591.00
(-) Cash Dividends Paid (M)	199.00
(=) Cash Retained (M)	392.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	118.20	73.88	44.33
Cash Retained (M)	392.00	392.00	392.00
(-) Cash Required (M)	-118.20	-73.88	-44.33
(=) Excess Retained (M)	273.80	318.13	347.68
(/) Shares Outstanding (M)	190.24	190.24	190.24
(=) Excess Retained per Share	1.44	1.67	1.83
LTM Dividend per Share	1.05	1.05	1.05
(+) Excess Retained per Share	1.44	1.67	1.83
(=) Adjusted Dividend	2.49	2.72	2.87
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$524.38	$578.98	$617.81
Upside / Downside	497.52%	559.73%	603.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	591.00	629.42	670.33	713.90	760.30	809.72	834.01
Payout Ratio	33.67%	44.94%	56.20%	67.47%	78.73%	90.00%	92.50%
Projected Dividends (M)	199.00	282.84	376.74	481.66	598.62	728.75	771.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	265.75	268.27	270.79
Year 2 PV (M)	332.58	338.91	345.31
Year 3 PV (M)	399.50	410.96	422.65
Year 4 PV (M)	466.50	484.44	502.89
Year 5 PV (M)	533.58	559.36	586.11
PV of Terminal Value (M)	23,213.06	24,334.26	25,498.38
Equity Value (M)	25,210.97	26,396.20	27,626.12
Shares Outstanding (M)	190.24	190.24	190.24
Fair Value	$132.52	$138.75	$145.21
Upside / Downside	51.00%	58.10%	65.47%

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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%
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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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AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
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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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Bufab AB (publ) (0QRA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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