DDM Analysis: 0YQA.L

Valuation Snapshot

Stable Growth	$98.66 - $116.24	$108.94
Multi-Stage	$75.44 - $82.79	$79.04
Blended Fair Value	$93.99
Current Price	$22.85
Upside	311.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.43%	0.00%	0.19	0.16	0.13	0.11	0.11	0.09	0.27	0.13	0.18	0.04
YoY Growth	-	-	18.75%	20.03%	25.08%	0.07%	19.90%	-66.69%	100.00%	-25.00%	300.00%	0.00%
Dividend Yield	-	-	1.14%	0.79%	0.55%	0.47%	0.58%	0.76%	2.66%	1.66%	2.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.26
(-) Cash Dividends Paid (M)	18.62
(=) Cash Retained (M)	46.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.05	8.16	4.89
Cash Retained (M)	46.65	46.65	46.65
(-) Cash Required (M)	-13.05	-8.16	-4.89
(=) Excess Retained (M)	33.59	38.49	41.75
(/) Shares Outstanding (M)	111.65	111.65	111.65
(=) Excess Retained per Share	0.30	0.34	0.37
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.30	0.34	0.37
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	-0.10%	-0.10%	-0.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.66	$108.94	$116.24
Upside / Downside	331.79%	376.74%	408.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.26	69.50	74.02	78.83	83.96	89.41	92.10
Payout Ratio	28.52%	40.82%	53.11%	65.41%	77.70%	90.00%	92.50%
Projected Dividends (M)	18.62	28.37	39.32	51.56	65.24	80.47	85.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.10%	-0.10%	-0.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.13	28.40	28.66
Year 2 PV (M)	38.65	39.39	40.13
Year 3 PV (M)	50.27	51.71	53.18
Year 4 PV (M)	63.06	65.49	67.98
Year 5 PV (M)	77.13	80.86	84.73
PV of Terminal Value (M)	8,165.35	8,559.74	8,969.23
Equity Value (M)	8,422.60	8,825.59	9,243.92
Shares Outstanding (M)	111.65	111.65	111.65
Fair Value	$75.44	$79.04	$82.79
Upside / Downside	230.13%	245.93%	262.33%

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UVSP	Univest Financial Corporation	2.69%	$0.87	28.95%
VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
CBT	Cabot Corporation	2.68%	$1.80	29.00%
PKOH	Park-Ohio Holdings Corp.	2.68%	$0.56	33.19%
WINA	Winmark Corporation	2.68%	$10.76	96.24%
CHCO	City Holding Company	2.67%	$3.20	36.27%
IDA	IDACORP, Inc.	2.67%	$3.40	58.98%
LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Carel Industries S.p.A. (0YQA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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