DDM Analysis: 0J7X.L

Valuation Snapshot

Stable Growth	$564.78 - $2,011.79	$1,842.24
Multi-Stage	$256.11 - $280.23	$267.95
Blended Fair Value	$1,055.10
Current Price	$171.00
Upside	517.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.57%	4.01%	1.00	1.07	2.15	1.95	0.78	0.77	1.62	1.50	0.73	0.70
YoY Growth	-	-	-5.95%	-50.26%	10.07%	151.41%	1.32%	-52.86%	8.20%	106.79%	3.52%	3.42%
Dividend Yield	-	-	0.75%	1.04%	2.66%	1.54%	0.60%	1.46%	1.92%	1.67%	0.81%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.16
(-) Cash Dividends Paid (M)	17.73
(=) Cash Retained (M)	36.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.83	6.77	4.06
Cash Retained (M)	36.43	36.43	36.43
(-) Cash Required (M)	-10.83	-6.77	-4.06
(=) Excess Retained (M)	25.60	29.66	32.37
(/) Shares Outstanding (M)	5.35	5.35	5.35
(=) Excess Retained per Share	4.78	5.54	6.05
LTM Dividend per Share	3.31	3.31	3.31
(+) Excess Retained per Share	4.78	5.54	6.05
(=) Adjusted Dividend	8.09	8.85	9.36
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$564.78	$1,842.24	$2,011.79
Upside / Downside	230.28%	977.33%	1,076.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.16	57.68	61.43	65.42	69.68	74.21	76.43
Payout Ratio	32.74%	44.19%	55.64%	67.10%	78.55%	90.00%	92.50%
Projected Dividends (M)	17.73	25.49	34.18	43.90	54.73	66.78	70.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.60	23.82	24.04
Year 2 PV (M)	29.29	29.85	30.41
Year 3 PV (M)	34.82	35.82	36.84
Year 4 PV (M)	40.19	41.73	43.32
Year 5 PV (M)	45.40	47.59	49.87
PV of Terminal Value (M)	1,197.96	1,255.83	1,315.90
Equity Value (M)	1,371.26	1,434.64	1,500.39
Shares Outstanding (M)	5.35	5.35	5.35
Fair Value	$256.11	$267.95	$280.23
Upside / Downside	49.77%	56.70%	63.88%

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0R28.L	Newmont Corporation	2.49%	$1.01	15.53%
ETR	Entergy Corporation	2.49%	$2.34	57.35%
NKE	NIKE, Inc.	2.49%	$1.58	80.59%
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SRCE	1st Source Corporation	2.45%	$1.53	25.20%
TRMK	Trustmark Corporation	2.45%	$0.96	26.11%
VOYA	Voya Financial, Inc.	2.45%	$1.86	29.46%
AWK	American Water Works Company, Inc.	2.44%	$3.18	55.85%
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NGL	NGL Energy Partners LP	2.44%	$0.24	24.52%
TCFC	The Community Financial Corporation	2.44%	$0.66	12.72%
CADE	Cadence Bank	2.43%	$1.05	37.49%
JNJ	Johnson & Johnson	2.43%	$5.04	48.70%
MBCN	Middlefield Banc Corp.	2.43%	$0.83	42.36%
0L7G.L	Snap-on Incorporated	2.42%	$8.43	44.15%
ITW	Illinois Tool Works Inc.	2.42%	$6.04	58.20%
MOFG	MidWestOne Financial Group, Inc.	2.40%	$0.92	32.44%
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%
CDW	CDW Corporation	2.35%	$3.14	39.31%
CHMG	Chemung Financial Corporation	2.35%	$1.28	46.47%
LZB	La-Z-Boy Incorporated	2.35%	$0.88	40.20%
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%
HONIV	Honeywell International Inc. Common Stock Ex Distribution When Issued	2.30%	$4.63	48.21%
PGR	The Progressive Corporation	2.30%	$4.88	26.80%
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ADS	Bread Financial Holdings, Inc.	2.29%	$1.30	21.08%
HLNE	Hamilton Lane Incorporated	2.29%	$3.13	74.09%
BSVN	Bank7 Corp.	2.28%	$0.94	20.81%
MCBC	Macatawa Bank Corporation	2.28%	$0.34	28.37%
BRKL	Brookline Bancorp, Inc.	2.27%	$0.54	61.06%

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MBB SE (0J7X.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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