DDM Analysis: 0YQA.L

Valuation Snapshot

Stable Growth	$98.66 - $116.24	$108.94
Multi-Stage	$75.44 - $82.79	$79.04
Blended Fair Value	$93.99
Current Price	$22.85
Upside	311.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.43%	0.00%	0.19	0.16	0.13	0.11	0.11	0.09	0.27	0.13	0.18	0.04
YoY Growth	-	-	18.75%	20.03%	25.08%	0.07%	19.90%	-66.69%	100.00%	-25.00%	300.00%	0.00%
Dividend Yield	-	-	1.14%	0.79%	0.55%	0.47%	0.58%	0.76%	2.66%	1.66%	2.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.26
(-) Cash Dividends Paid (M)	18.62
(=) Cash Retained (M)	46.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.05	8.16	4.89
Cash Retained (M)	46.65	46.65	46.65
(-) Cash Required (M)	-13.05	-8.16	-4.89
(=) Excess Retained (M)	33.59	38.49	41.75
(/) Shares Outstanding (M)	111.65	111.65	111.65
(=) Excess Retained per Share	0.30	0.34	0.37
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.30	0.34	0.37
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	-0.10%	-0.10%	-0.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.66	$108.94	$116.24
Upside / Downside	331.79%	376.74%	408.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.26	69.50	74.02	78.83	83.96	89.41	92.10
Payout Ratio	28.52%	40.82%	53.11%	65.41%	77.70%	90.00%	92.50%
Projected Dividends (M)	18.62	28.37	39.32	51.56	65.24	80.47	85.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.10%	-0.10%	-0.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.13	28.40	28.66
Year 2 PV (M)	38.65	39.39	40.13
Year 3 PV (M)	50.27	51.71	53.18
Year 4 PV (M)	63.06	65.49	67.98
Year 5 PV (M)	77.13	80.86	84.73
PV of Terminal Value (M)	8,165.35	8,559.74	8,969.23
Equity Value (M)	8,422.60	8,825.59	9,243.92
Shares Outstanding (M)	111.65	111.65	111.65
Fair Value	$75.44	$79.04	$82.79
Upside / Downside	230.13%	245.93%	262.33%

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TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
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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%
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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Carel Industries S.p.A. (0YQA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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