DDM Analysis: WTC.AX

Valuation Snapshot

Stable Growth	$39.13 - $99.26	$59.01
Multi-Stage	$27.02 - $29.53	$28.25
Blended Fair Value	$43.63
Current Price	$109.03
Upside	-59.98%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	42.01%	41.29%	0.19	0.16	0.12	0.08	0.04	0.03	0.03	0.02	0.01	0.01
YoY Growth	-	-	21.44%	26.92%	56.98%	100.76%	18.92%	23.86%	48.48%	105.52%	-22.97%	88.58%
Dividend Yield	-	-	0.18%	0.17%	0.16%	0.21%	0.12%	0.17%	0.09%	0.12%	0.13%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	577.99
(-) Cash Dividends Paid (M)	118.86
(=) Cash Retained (M)	459.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	115.60	72.25	43.35
Cash Retained (M)	459.13	459.13	459.13
(-) Cash Required (M)	-115.60	-72.25	-43.35
(=) Excess Retained (M)	343.53	386.88	415.78
(/) Shares Outstanding (M)	333.80	333.80	333.80
(=) Excess Retained per Share	1.03	1.16	1.25
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	1.03	1.16	1.25
(=) Adjusted Dividend	1.39	1.52	1.60
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.13	$59.01	$99.26
Upside / Downside	-64.11%	-45.88%	-8.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	577.99	615.56	655.57	698.18	743.56	791.90	815.65
Payout Ratio	20.57%	34.45%	48.34%	62.23%	76.11%	90.00%	92.50%
Projected Dividends (M)	118.86	212.07	316.90	434.45	565.95	712.71	754.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.32	194.14	195.97
Year 2 PV (M)	260.62	265.58	270.59
Year 3 PV (M)	324.02	333.32	342.80
Year 4 PV (M)	382.78	397.50	412.64
Year 5 PV (M)	437.14	458.26	480.18
PV of Terminal Value (M)	7,422.57	7,781.08	8,153.32
Equity Value (M)	9,019.45	9,429.89	9,855.50
Shares Outstanding (M)	333.80	333.80	333.80
Fair Value	$27.02	$28.25	$29.53
Upside / Downside	-75.22%	-74.09%	-72.92%

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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%
CAL	Caleres, Inc.	2.38%	$0.29	46.21%
ABM	ABM Industries Incorporated	2.37%	$1.01	54.79%
FUNC	First United Corporation	2.36%	$0.88	22.87%
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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CHMG	Chemung Financial Corporation	2.35%	$1.28	46.47%
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PKG	Packaging Corporation of America	2.35%	$4.97	50.31%
UNP	Union Pacific Corporation	2.35%	$5.44	45.77%
0K91.L	Northern Trust Corporation	2.34%	$3.20	35.68%
MCD	McDonald's Corporation	2.33%	$7.07	60.14%
MGEE	MGE Energy, Inc.	2.32%	$1.82	49.49%
MZTI	The Marzetti Company	2.32%	$3.82	61.80%
UNM	Unum Group	2.32%	$1.79	33.52%
RILYM	B. Riley Financial, Inc. - 6.37	2.31%	$0.58	56.91%
RILYO	B. Riley Financial, Inc. - 6.75	2.31%	$0.58	56.91%
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HLNE	Hamilton Lane Incorporated	2.29%	$3.13	74.09%
BSVN	Bank7 Corp.	2.28%	$0.94	20.81%
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WiseTech Global Limited (WTC.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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