DDM Analysis: WRT1V.HE

Valuation Snapshot

Stable Growth	$13.93 - $25.81	$18.80
Multi-Stage	$22.36 - $24.56	$23.44
Blended Fair Value	$21.12
Current Price	$20.04
Upside	5.39%
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	-7.34%	-0.84%	0.33	0.26	0.24	0.20	0.48	0.48	0.46	0.45	0.42	0.41
YoY Growth	-	-	26.80%	6.99%	20.17%	-58.25%	0.35%	3.65%	3.79%	5.60%	3.31%	14.69%
Dividend Yield	-	-	2.00%	1.82%	2.78%	2.42%	5.39%	7.17%	3.14%	2.48%	2.52%	3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	561.00
(-) Cash Dividends Paid (M)	227.00
(=) Cash Retained (M)	334.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	112.20	70.13	42.08
Cash Retained (M)	334.00	334.00	334.00
(-) Cash Required (M)	-112.20	-70.13	-42.08
(=) Excess Retained (M)	221.80	263.88	291.93
(/) Shares Outstanding (M)	592.41	592.41	592.41
(=) Excess Retained per Share	0.37	0.45	0.49
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.37	0.45	0.49
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.04%	2.04%	3.04%
Fair Value	$13.93	$18.80	$25.81
Upside / Downside	-30.51%	-6.17%	28.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	561.00	572.46	584.15	596.08	608.25	620.67	639.29
Payout Ratio	40.46%	50.37%	60.28%	70.19%	80.09%	90.00%	92.50%
Projected Dividends (M)	227.00	288.35	352.11	418.36	487.17	558.61	591.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.04%	2.04%	3.04%
Year 1 PV (M)	268.00	270.65	273.31
Year 2 PV (M)	304.17	310.22	316.33
Year 3 PV (M)	335.89	345.96	356.23
Year 4 PV (M)	363.52	378.13	393.17
Year 5 PV (M)	387.42	406.97	427.31
PV of Terminal Value (M)	11,588.42	12,173.33	12,781.62
Equity Value (M)	13,247.42	13,885.26	14,547.96
Shares Outstanding (M)	592.41	592.41	592.41
Fair Value	$22.36	$23.44	$24.56
Upside / Downside	11.59%	16.96%	22.54%

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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Wärtsilä Oyj Abp (WRT1V.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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