DDM Analysis: WRB-PF

Valuation Snapshot

Stable Growth	$141.28 - $560.79	$240.58
Multi-Stage	$88.39 - $96.62	$92.43
Blended Fair Value	$166.50
Current Price	$76.62
Upside	117.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.53%	11.35%	1.33	1.25	0.59	0.89	0.21	0.77	0.64	0.47	0.46	0.14
YoY Growth	-	-	6.08%	113.21%	-33.89%	322.76%	-72.70%	20.88%	35.47%	2.28%	217.05%	-68.02%
Dividend Yield	-	-	1.87%	2.15%	1.42%	2.00%	0.63%	3.32%	2.53%	2.18%	2.20%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,905.99
(-) Cash Dividends Paid (M)	508.80
(=) Cash Retained (M)	1,397.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	381.20	238.25	142.95
Cash Retained (M)	1,397.19	1,397.19	1,397.19
(-) Cash Required (M)	-381.20	-238.25	-142.95
(=) Excess Retained (M)	1,015.99	1,158.94	1,254.24
(/) Shares Outstanding (M)	400.32	400.32	400.32
(=) Excess Retained per Share	2.54	2.90	3.13
LTM Dividend per Share	1.27	1.27	1.27
(+) Excess Retained per Share	2.54	2.90	3.13
(=) Adjusted Dividend	3.81	4.17	4.40
WACC / Discount Rate	8.34%	8.34%	8.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$141.28	$240.58	$560.79
Upside / Downside	84.39%	213.99%	631.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,905.99	2,029.88	2,161.82	2,302.34	2,451.99	2,611.37	2,689.72
Payout Ratio	26.69%	39.36%	52.02%	64.68%	77.34%	90.00%	92.50%
Projected Dividends (M)	508.80	798.88	1,124.52	1,489.11	1,896.35	2,350.24	2,487.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.34%	8.34%	8.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	730.43	737.35	744.28
Year 2 PV (M)	940.07	957.97	976.05
Year 3 PV (M)	1,138.20	1,170.87	1,204.16
Year 4 PV (M)	1,325.28	1,376.24	1,428.66
Year 5 PV (M)	1,501.75	1,574.28	1,649.59
PV of Terminal Value (M)	29,747.34	31,184.15	32,675.94
Equity Value (M)	35,383.06	37,000.87	38,678.69
Shares Outstanding (M)	400.32	400.32	400.32
Fair Value	$88.39	$92.43	$96.62
Upside / Downside	15.36%	20.63%	26.10%

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W.R. Berkley Corporation 5.10% (WRB-PF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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