DDM Analysis: 0HDQ.L

Valuation Snapshot

Stable Growth	$52.73 - $82.38	$66.39
Multi-Stage	$113.44 - $125.06	$119.13
Blended Fair Value	$92.76
Current Price	$32.00
Upside	189.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.82	0.83	0.83	0.00	0.83	0.83	0.62	0.62	0.42
YoY Growth	-	-	-100.00%	-1.36%	-0.02%	0.00%	-100.00%	-0.06%	33.31%	0.04%	49.97%	33.20%
Dividend Yield	-	-	0.00%	2.33%	2.77%	2.29%	0.00%	2.85%	3.41%	1.40%	1.78%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.26
(-) Cash Dividends Paid (M)	11.43
(=) Cash Retained (M)	114.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.25	15.78	9.47
Cash Retained (M)	114.83	114.83	114.83
(-) Cash Required (M)	-25.25	-15.78	-9.47
(=) Excess Retained (M)	89.58	99.05	105.36
(/) Shares Outstanding (M)	23.05	23.05	23.05
(=) Excess Retained per Share	3.89	4.30	4.57
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	3.89	4.30	4.57
(=) Adjusted Dividend	4.38	4.79	5.07
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-1.72%	-0.72%	0.28%
Fair Value	$52.73	$66.39	$82.38
Upside / Downside	64.77%	107.46%	157.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.26	125.35	124.45	123.56	122.67	121.79	125.45
Payout Ratio	9.05%	25.24%	41.43%	57.62%	73.81%	90.00%	92.50%
Projected Dividends (M)	11.43	31.64	51.56	71.20	90.55	109.61	116.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-1.72%	-0.72%	0.28%
Year 1 PV (M)	29.43	29.73	30.03
Year 2 PV (M)	44.59	45.51	46.43
Year 3 PV (M)	57.26	59.03	60.83
Year 4 PV (M)	67.72	70.52	73.40
Year 5 PV (M)	76.24	80.20	84.32
PV of Terminal Value (M)	2,340.01	2,461.51	2,587.99
Equity Value (M)	2,615.25	2,746.48	2,883.00
Shares Outstanding (M)	23.05	23.05	23.05
Fair Value	$113.44	$119.13	$125.06
Upside / Downside	254.50%	272.29%	290.80%

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FFIN	First Financial Bankshares, Inc.	2.39%	$0.72	42.45%
ADP	Automatic Data Processing, Inc.	2.38%	$6.03	59.30%
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ABM	ABM Industries Incorporated	2.37%	$1.01	54.79%
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HON	Honeywell International Inc.	2.36%	$4.63	48.21%
RILYK	B. Riley Financial, Inc. 5.50% Senior Notes Due 2026	2.36%	$0.58	56.91%
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MZTI	The Marzetti Company	2.32%	$3.82	61.80%
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Synergie SE (0HDQ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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