DDM Analysis: WTC.AX

Valuation Snapshot

Stable Growth	$42.67 - $120.84	$66.54
Multi-Stage	$28.56 - $31.22	$29.87
Blended Fair Value	$48.21
Current Price	$109.03
Upside	-55.79%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	42.01%	41.29%	0.19	0.16	0.12	0.08	0.04	0.03	0.03	0.02	0.01	0.01
YoY Growth	-	-	21.44%	26.92%	56.98%	100.76%	18.92%	23.86%	48.48%	105.52%	-22.97%	88.58%
Dividend Yield	-	-	0.18%	0.17%	0.16%	0.21%	0.12%	0.17%	0.09%	0.12%	0.13%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	577.99
(-) Cash Dividends Paid (M)	118.86
(=) Cash Retained (M)	459.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	115.60	72.25	43.35
Cash Retained (M)	459.13	459.13	459.13
(-) Cash Required (M)	-115.60	-72.25	-43.35
(=) Excess Retained (M)	343.53	386.88	415.78
(/) Shares Outstanding (M)	333.80	333.80	333.80
(=) Excess Retained per Share	1.03	1.16	1.25
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	1.03	1.16	1.25
(=) Adjusted Dividend	1.39	1.52	1.60
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.67	$66.54	$120.84
Upside / Downside	-60.86%	-38.97%	10.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	577.99	615.56	655.57	698.18	743.56	791.90	815.65
Payout Ratio	20.57%	34.45%	48.34%	62.23%	76.11%	90.00%	92.50%
Projected Dividends (M)	118.86	212.07	316.90	434.45	565.95	712.71	754.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.87	194.70	196.52
Year 2 PV (M)	262.10	267.09	272.13
Year 3 PV (M)	326.79	336.17	345.73
Year 4 PV (M)	387.15	402.04	417.35
Year 5 PV (M)	443.39	464.81	487.05
PV of Terminal Value (M)	7,922.28	8,304.93	8,702.22
Equity Value (M)	9,534.59	9,969.74	10,421.01
Shares Outstanding (M)	333.80	333.80	333.80
Fair Value	$28.56	$29.87	$31.22
Upside / Downside	-73.80%	-72.61%	-71.37%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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BKH	Black Hills Corporation	2.84%	$1.98	50.60%
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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%
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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%
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%
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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%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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WiseTech Global Limited (WTC.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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