DDM Analysis: REL.L

Valuation Snapshot

Stable Growth	$55.45 - $193.91	$91.60
Multi-Stage	$62.07 - $68.05	$65.01
Blended Fair Value	$78.30
Current Price	$39.37
Upside	98.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.89%	7.09%	0.60	0.56	0.52	0.49	0.47	0.45	0.42	0.41	0.36	0.31
YoY Growth	-	-	5.85%	7.73%	6.85%	4.55%	4.51%	5.78%	4.46%	11.57%	17.15%	3.19%
Dividend Yield	-	-	1.64%	1.81%	2.28%	2.04%	2.61%	2.35%	2.62%	2.33%	2.51%	2.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,817.00
(-) Cash Dividends Paid (M)	2,266.00
(=) Cash Retained (M)	1,551.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	763.40	477.13	286.28
Cash Retained (M)	1,551.00	1,551.00	1,551.00
(-) Cash Required (M)	-763.40	-477.13	-286.28
(=) Excess Retained (M)	787.60	1,073.88	1,264.73
(/) Shares Outstanding (M)	1,880.74	1,880.74	1,880.74
(=) Excess Retained per Share	0.42	0.57	0.67
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	0.42	0.57	0.67
(=) Adjusted Dividend	1.62	1.78	1.88
WACC / Discount Rate	6.05%	6.05%	6.05%
Growth Rate	3.03%	4.03%	5.03%
Fair Value	$55.45	$91.60	$193.91
Upside / Downside	40.84%	132.67%	392.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,817.00	3,970.97	4,131.16	4,297.80	4,471.17	4,651.53	4,791.08
Payout Ratio	59.37%	65.49%	71.62%	77.75%	83.87%	90.00%	92.50%
Projected Dividends (M)	2,266.00	2,600.70	2,958.72	3,341.39	3,750.12	4,186.38	4,431.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.05%	6.05%	6.05%
Growth Rate	3.03%	4.03%	5.03%
Year 1 PV (M)	2,428.75	2,452.32	2,475.89
Year 2 PV (M)	2,580.40	2,630.73	2,681.55
Year 3 PV (M)	2,721.46	2,801.47	2,883.03
Year 4 PV (M)	2,852.40	2,964.76	3,080.41
Year 5 PV (M)	2,973.69	3,120.83	3,273.73
PV of Terminal Value (M)	103,187.16	108,292.75	113,598.46
Equity Value (M)	116,743.85	122,262.85	127,993.06
Shares Outstanding (M)	1,880.74	1,880.74	1,880.74
Fair Value	$62.07	$65.01	$68.05
Upside / Downside	57.67%	65.12%	72.86%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 13 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

RELX Plc (REL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener