DDM Analysis: WRB-PH

Valuation Snapshot

Stable Growth	$154.50 - $787.88	$277.14
Multi-Stage	$92.92 - $101.59	$97.18
Blended Fair Value	$187.16
Current Price	$76.62
Upside	144.27%
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	8.10%	8.10%	8.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$154.50	$277.14	$787.88
Upside / Downside	101.65%	261.71%	928.30%

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	8.10%	8.10%	8.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	732.07	739.01	745.95
Year 2 PV (M)	944.31	962.29	980.45
Year 3 PV (M)	1,145.90	1,178.80	1,212.31
Year 4 PV (M)	1,337.25	1,388.68	1,441.57
Year 5 PV (M)	1,518.73	1,592.08	1,668.24
PV of Terminal Value (M)	31,518.77	33,041.14	34,621.77
Equity Value (M)	37,197.02	38,901.99	40,670.30
Shares Outstanding (M)	400.32	400.32	400.32
Fair Value	$92.92	$97.18	$101.59
Upside / Downside	21.27%	26.83%	32.59%

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W.R. Berkley Corporation 4.125% (WRB-PH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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