DDM Analysis: 0RAR.L

Valuation Snapshot

Stable Growth	$16.27 - $28.76	$21.56
Multi-Stage	$24.96 - $27.38	$26.15
Blended Fair Value	$23.86
Current Price	$26.20
Upside	-8.95%
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	-7.38%	-0.53%	0.55	0.97	0.95	0.90	0.83	0.81	0.78	0.75	0.73	0.68
YoY Growth	-	-	-43.28%	2.33%	5.80%	7.80%	2.96%	2.92%	4.43%	2.75%	7.72%	16.91%
Dividend Yield	-	-	2.26%	2.58%	1.51%	0.89%	0.72%	1.14%	1.29%	1.02%	1.30%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.70
(-) Cash Dividends Paid (M)	7.29
(=) Cash Retained (M)	7.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.94	1.84	1.10
Cash Retained (M)	7.41	7.41	7.41
(-) Cash Required (M)	-2.94	-1.84	-1.10
(=) Excess Retained (M)	4.47	5.57	6.30
(/) Shares Outstanding (M)	12.16	12.16	12.16
(=) Excess Retained per Share	0.37	0.46	0.52
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.37	0.46	0.52
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Fair Value	$16.27	$21.56	$28.76
Upside / Downside	-37.90%	-17.71%	9.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.70	15.00	15.31	15.63	15.95	16.27	16.76
Payout Ratio	49.62%	57.69%	65.77%	73.85%	81.92%	90.00%	92.50%
Projected Dividends (M)	7.29	8.66	10.07	11.54	13.06	14.65	15.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Year 1 PV (M)	8.01	8.08	8.16
Year 2 PV (M)	8.61	8.79	8.96
Year 3 PV (M)	9.13	9.40	9.68
Year 4 PV (M)	9.56	9.94	10.34
Year 5 PV (M)	9.91	10.41	10.93
PV of Terminal Value (M)	258.23	271.27	284.82
Equity Value (M)	303.45	317.89	332.90
Shares Outstanding (M)	12.16	12.16	12.16
Fair Value	$24.96	$26.15	$27.38
Upside / Downside	-4.72%	-0.19%	4.52%

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CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
0U6R.L	Bunge Limited	2.86%	$3.05	31.37%
FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
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%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
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%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
0L5A.L	Sempra	2.69%	$2.41	72.79%

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Stratec SE (0RAR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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