DDM Analysis: 0REZ.L

Valuation Snapshot

Stable Growth	$545.75 - $642.99	$602.57
Multi-Stage	$111.37 - $122.01	$116.59
Blended Fair Value	$359.58
Current Price	$177.40
Upside	102.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2016
DPS	-0.36%	-2.68%	0.50	1.20	1.99	1.50	0.46	0.51	0.44	0.30	2.27	2.42
YoY Growth	-	-	-58.22%	-39.92%	32.79%	225.62%	-9.50%	16.73%	45.36%	-86.78%	-6.14%	268.63%
Dividend Yield	-	-	0.35%	1.09%	2.13%	0.57%	0.29%	0.71%	0.72%	0.79%	5.77%	9.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	394.00
(-) Cash Dividends Paid (M)	91.00
(=) Cash Retained (M)	303.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.80	49.25	29.55
Cash Retained (M)	303.00	303.00	303.00
(-) Cash Required (M)	-78.80	-49.25	-29.55
(=) Excess Retained (M)	224.20	253.75	273.45
(/) Shares Outstanding (M)	121.86	121.86	121.86
(=) Excess Retained per Share	1.84	2.08	2.24
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	1.84	2.08	2.24
(=) Adjusted Dividend	2.59	2.83	2.99
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$545.75	$602.57	$642.99
Upside / Downside	207.64%	239.67%	262.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	394.00	419.61	446.88	475.93	506.87	539.81	556.01
Payout Ratio	23.10%	36.48%	49.86%	63.24%	76.62%	90.00%	92.50%
Projected Dividends (M)	91.00	153.06	222.81	300.97	388.36	485.83	514.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	143.08	144.43	145.79
Year 2 PV (M)	194.69	198.40	202.14
Year 3 PV (M)	245.84	252.89	260.08
Year 4 PV (M)	296.52	307.92	319.65
Year 5 PV (M)	346.75	363.50	380.89
PV of Terminal Value (M)	12,344.72	12,940.97	13,560.05
Equity Value (M)	13,571.59	14,208.12	14,868.60
Shares Outstanding (M)	121.86	121.86	121.86
Fair Value	$111.37	$116.59	$122.01
Upside / Downside	-37.22%	-34.28%	-31.22%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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AddLife AB (publ) (0REZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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