DDM Analysis: PROT.OL

Valuation Snapshot

Stable Growth	$950.37 - $5,524.66	$1,764.59
Multi-Stage	$560.86 - $613.14	$586.52
Blended Fair Value	$1,175.56
Current Price	$429.00
Upside	174.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	19.01%	10.02	10.02	11.52	8.02	0.00	0.00	0.00	2.36	2.36	2.01
YoY Growth	-	-	0.01%	-13.03%	43.63%	0.00%	0.00%	0.00%	-100.00%	-0.01%	17.36%	14.29%
Dividend Yield	-	-	2.96%	4.43%	8.29%	6.59%	0.00%	0.00%	0.00%	2.76%	3.70%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,285.00
(-) Cash Dividends Paid (M)	742.00
(=) Cash Retained (M)	1,543.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	457.00	285.63	171.38
Cash Retained (M)	1,543.00	1,543.00	1,543.00
(-) Cash Required (M)	-457.00	-285.63	-171.38
(=) Excess Retained (M)	1,086.00	1,257.38	1,371.63
(/) Shares Outstanding (M)	82.25	82.25	82.25
(=) Excess Retained per Share	13.20	15.29	16.68
LTM Dividend per Share	9.02	9.02	9.02
(+) Excess Retained per Share	13.20	15.29	16.68
(=) Adjusted Dividend	22.22	24.31	25.70
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$950.37	$1,764.59	$5,524.66
Upside / Downside	121.53%	311.33%	1,187.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,285.00	2,433.53	2,591.70	2,760.16	2,939.58	3,130.65	3,224.57
Payout Ratio	32.47%	43.98%	55.48%	66.99%	78.49%	90.00%	92.50%
Projected Dividends (M)	742.00	1,070.22	1,437.97	1,849.01	2,307.41	2,817.58	2,982.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	981.94	991.25	1,000.55
Year 2 PV (M)	1,210.52	1,233.58	1,256.86
Year 3 PV (M)	1,428.15	1,469.15	1,510.92
Year 4 PV (M)	1,635.20	1,698.08	1,762.77
Year 5 PV (M)	1,832.04	1,920.53	2,012.40
PV of Terminal Value (M)	39,045.85	40,931.78	42,889.89
Equity Value (M)	46,133.71	48,244.37	50,433.39
Shares Outstanding (M)	82.25	82.25	82.25
Fair Value	$560.86	$586.52	$613.14
Upside / Downside	30.74%	36.72%	42.92%

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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%
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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%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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Protector Forsikring ASA (PROT.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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