DDM Analysis: AXS

Valuation Snapshot

Stable Growth	$168.11 - $298.05	$223.04
Multi-Stage	$252.61 - $277.60	$264.87
Blended Fair Value	$243.95
Current Price	$95.80
Upside	154.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.04%	2.58%	1.86	1.89	1.83	1.79	1.74	1.68	1.64	1.66	1.62	1.45
YoY Growth	-	-	-1.31%	2.97%	2.57%	2.83%	3.19%	2.78%	-1.13%	2.05%	11.52%	0.88%
Dividend Yield	-	-	1.86%	2.90%	3.36%	2.95%	3.50%	4.35%	2.96%	2.88%	2.42%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,012.93
(-) Cash Dividends Paid (M)	145.90
(=) Cash Retained (M)	867.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	202.59	126.62	75.97
Cash Retained (M)	867.03	867.03	867.03
(-) Cash Required (M)	-202.59	-126.62	-75.97
(=) Excess Retained (M)	664.44	740.41	791.06
(/) Shares Outstanding (M)	81.55	81.55	81.55
(=) Excess Retained per Share	8.15	9.08	9.70
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	8.15	9.08	9.70
(=) Adjusted Dividend	9.94	10.87	11.49
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	1.03%	2.03%	3.03%
Fair Value	$168.11	$223.04	$298.05
Upside / Downside	75.48%	132.82%	211.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,012.93	1,033.44	1,054.37	1,075.73	1,097.52	1,119.75	1,153.34
Payout Ratio	14.40%	29.52%	44.64%	59.76%	74.88%	90.00%	92.50%
Projected Dividends (M)	145.90	305.10	470.69	642.87	821.83	1,007.77	1,066.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	1.03%	2.03%	3.03%
Year 1 PV (M)	282.36	285.15	287.94
Year 2 PV (M)	403.13	411.15	419.25
Year 3 PV (M)	509.54	524.82	540.41
Year 4 PV (M)	602.82	627.04	651.99
Year 5 PV (M)	684.10	718.64	754.55
PV of Terminal Value (M)	18,119.39	19,034.09	19,985.37
Equity Value (M)	20,601.34	21,600.89	22,639.51
Shares Outstanding (M)	81.55	81.55	81.55
Fair Value	$252.61	$264.87	$277.60
Upside / Downside	163.69%	176.48%	189.78%

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AXIS Capital Holdings Limited (AXS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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