DDM Analysis: 0QLU.L

Valuation Snapshot

Stable Growth	$236.94 - $768.88	$383.88
Multi-Stage	$205.94 - $225.80	$215.69
Blended Fair Value	$299.78
Current Price	$74.80
Upside	300.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.34%	3.76%	2.43	2.22	2.06	2.06	2.06	2.06	2.24	1.89	2.00	1.69
YoY Growth	-	-	9.10%	8.00%	0.00%	0.00%	0.00%	-8.05%	18.21%	-5.08%	18.09%	0.79%
Dividend Yield	-	-	3.52%	3.52%	3.38%	3.33%	3.51%	2.76%	2.84%	2.64%	2.88%	2.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	365.86
(-) Cash Dividends Paid (M)	45.44
(=) Cash Retained (M)	320.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	73.17	45.73	27.44
Cash Retained (M)	320.42	320.42	320.42
(-) Cash Required (M)	-73.17	-45.73	-27.44
(=) Excess Retained (M)	247.25	274.69	292.98
(/) Shares Outstanding (M)	40.86	40.86	40.86
(=) Excess Retained per Share	6.05	6.72	7.17
LTM Dividend per Share	1.11	1.11	1.11
(+) Excess Retained per Share	6.05	6.72	7.17
(=) Adjusted Dividend	7.16	7.83	8.28
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	3.89%	4.89%	5.89%
Fair Value	$236.94	$383.88	$768.88
Upside / Downside	216.77%	413.21%	927.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	365.86	383.77	402.55	422.25	442.92	464.60	478.53
Payout Ratio	12.42%	27.94%	43.45%	58.97%	74.48%	90.00%	92.50%
Projected Dividends (M)	45.44	107.21	174.92	248.99	329.90	418.14	442.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	3.89%	4.89%	5.89%
Year 1 PV (M)	99.21	100.16	101.12
Year 2 PV (M)	149.78	152.68	155.60
Year 3 PV (M)	197.30	203.05	208.92
Year 4 PV (M)	241.91	251.35	261.08
Year 5 PV (M)	283.72	297.64	312.10
PV of Terminal Value (M)	7,443.74	7,808.94	8,188.33
Equity Value (M)	8,415.66	8,813.83	9,227.15
Shares Outstanding (M)	40.86	40.86	40.86
Fair Value	$205.94	$215.69	$225.80
Upside / Downside	175.32%	188.35%	201.87%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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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Basler Kantonalbank (0QLU.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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