DDM Analysis: 0RVK.L

Valuation Snapshot

Stable Growth	$25.09 - $63.95	$37.89
Multi-Stage	$28.73 - $31.47	$30.07
Blended Fair Value	$33.98
Current Price	$27.68
Upside	22.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.27%	0.00%	0.74	1.26	1.26	1.18	0.63	1.13	0.74	0.08	0.00	0.00
YoY Growth	-	-	-41.60%	0.00%	6.84%	88.19%	-44.70%	53.02%	855.67%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.88%	4.00%	3.02%	1.65%	1.10%	4.26%	1.85%	0.18%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.01
(-) Cash Dividends Paid (M)	29.20
(=) Cash Retained (M)	15.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.00	5.63	3.38
Cash Retained (M)	15.81	15.81	15.81
(-) Cash Required (M)	-9.00	-5.63	-3.38
(=) Excess Retained (M)	6.81	10.18	12.43
(/) Shares Outstanding (M)	39.71	39.71	39.71
(=) Excess Retained per Share	0.17	0.26	0.31
LTM Dividend per Share	0.74	0.74	0.74
(+) Excess Retained per Share	0.17	0.26	0.31
(=) Adjusted Dividend	0.91	0.99	1.05
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.94%	3.94%	4.94%
Fair Value	$25.09	$37.89	$63.95
Upside / Downside	-9.36%	36.90%	131.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.01	46.78	48.63	50.55	52.54	54.61	56.25
Payout Ratio	64.88%	69.90%	74.93%	79.95%	84.98%	90.00%	92.50%
Projected Dividends (M)	29.20	32.70	36.44	40.41	44.65	49.15	52.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.94%	3.94%	4.94%
Year 1 PV (M)	30.36	30.66	30.95
Year 2 PV (M)	31.41	32.02	32.64
Year 3 PV (M)	32.35	33.30	34.27
Year 4 PV (M)	33.18	34.49	35.84
Year 5 PV (M)	33.92	35.60	37.34
PV of Terminal Value (M)	979.66	1,028.17	1,078.59
Equity Value (M)	1,140.89	1,194.25	1,249.64
Shares Outstanding (M)	39.71	39.71	39.71
Fair Value	$28.73	$30.07	$31.47
Upside / Downside	3.79%	8.65%	13.69%

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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%

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Befesa S.A. (0RVK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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