DDM Analysis: DPM.AX

Valuation Snapshot

Stable Growth	$10.88 - $15.46	$13.14
Multi-Stage	$12.09 - $13.23	$12.65
Blended Fair Value	$12.89
Current Price	$22.36
Upside	-42.33%
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	0.00%	0.00%	0.15	0.16	0.15	0.12	0.07	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-4.13%	5.45%	29.19%	60.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.76%	0.76%	0.70%	0.49%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	303.35
(-) Cash Dividends Paid (M)	27.71
(=) Cash Retained (M)	275.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.67	37.92	22.75
Cash Retained (M)	275.64	275.64	275.64
(-) Cash Required (M)	-60.67	-37.92	-22.75
(=) Excess Retained (M)	214.97	237.72	252.89
(/) Shares Outstanding (M)	191.71	191.71	191.71
(=) Excess Retained per Share	1.12	1.24	1.32
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	1.12	1.24	1.32
(=) Adjusted Dividend	1.27	1.38	1.46
WACC / Discount Rate	12.68%	12.68%	12.68%
Growth Rate	0.94%	1.94%	2.94%
Fair Value	$10.88	$13.14	$15.46
Upside / Downside	-51.34%	-41.25%	-30.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	303.35	309.24	315.24	321.36	327.60	333.96	343.97
Payout Ratio	9.14%	25.31%	41.48%	57.65%	73.83%	90.00%	92.50%
Projected Dividends (M)	27.71	78.26	130.77	185.28	241.86	300.56	318.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.68%	12.68%	12.68%
Growth Rate	0.94%	1.94%	2.94%
Year 1 PV (M)	68.77	69.45	70.13
Year 2 PV (M)	100.97	102.98	105.01
Year 3 PV (M)	125.71	129.49	133.34
Year 4 PV (M)	144.20	150.00	155.97
Year 5 PV (M)	157.47	165.43	173.70
PV of Terminal Value (M)	1,721.27	1,808.23	1,898.68
Equity Value (M)	2,318.40	2,425.58	2,536.84
Shares Outstanding (M)	191.71	191.71	191.71
Fair Value	$12.09	$12.65	$13.23
Upside / Downside	-45.91%	-43.41%	-40.82%

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TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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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%
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Dpmmetals Cdi 1:1 [dpm] (DPM.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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