DDM Analysis: 0ROY.L

Valuation Snapshot

Stable Growth	$14.47 - $84.75	$26.72
Multi-Stage	$10.72 - $11.75	$11.23
Blended Fair Value	$18.97
Current Price	$5.71
Upside	232.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.39%	5.41%	0.06	0.06	0.06	0.05	0.05	0.05	0.05	0.04	0.04	0.04
YoY Growth	-	-	15.70%	-0.15%	9.74%	-2.07%	9.77%	-0.35%	10.36%	0.00%	14.00%	-0.87%
Dividend Yield	-	-	1.07%	0.55%	0.59%	0.40%	0.56%	0.58%	0.64%	0.68%	0.93%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	521.60
(-) Cash Dividends Paid (M)	156.10
(=) Cash Retained (M)	365.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.32	65.20	39.12
Cash Retained (M)	365.50	365.50	365.50
(-) Cash Required (M)	-104.32	-65.20	-39.12
(=) Excess Retained (M)	261.18	300.30	326.38
(/) Shares Outstanding (M)	1,211.29	1,211.29	1,211.29
(=) Excess Retained per Share	0.22	0.25	0.27
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.22	0.25	0.27
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.39%	5.39%	6.39%
Fair Value	$14.47	$26.72	$84.75
Upside / Downside	153.34%	368.00%	1,384.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	521.60	549.71	579.34	610.56	643.47	678.15	698.50
Payout Ratio	29.93%	41.94%	53.96%	65.97%	77.99%	90.00%	92.50%
Projected Dividends (M)	156.10	230.56	312.59	402.79	501.81	610.34	646.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.39%	5.39%	6.39%
Year 1 PV (M)	213.68	215.73	217.77
Year 2 PV (M)	268.50	273.66	278.88
Year 3 PV (M)	320.65	329.95	339.43
Year 4 PV (M)	370.23	384.62	399.42
Year 5 PV (M)	417.32	437.70	458.86
PV of Terminal Value (M)	11,399.09	11,955.64	12,533.71
Equity Value (M)	12,989.46	13,597.29	14,228.09
Shares Outstanding (M)	1,211.29	1,211.29	1,211.29
Fair Value	$10.72	$11.23	$11.75
Upside / Downside	87.80%	96.59%	105.71%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Davide Campari-Milano N.V. (0ROY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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