DDM Analysis: RNR

Valuation Snapshot

Stable Growth	$829.52 - $2,211.34	$1,270.34
Multi-Stage	$553.92 - $605.93	$579.45
Blended Fair Value	$924.90
Current Price	$253.93
Upside	264.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.37%	5.82%	1.64	1.53	1.32	1.38	1.39	1.21	1.07	1.04	1.05	1.10
YoY Growth	-	-	7.64%	16.14%	-4.65%	-0.97%	15.37%	12.35%	2.86%	-0.41%	-4.42%	17.54%
Dividend Yield	-	-	0.69%	0.65%	0.66%	0.87%	0.87%	0.81%	0.74%	0.75%	0.73%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,732.19
(-) Cash Dividends Paid (M)	77.22
(=) Cash Retained (M)	1,654.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	346.44	216.52	129.91
Cash Retained (M)	1,654.97	1,654.97	1,654.97
(-) Cash Required (M)	-346.44	-216.52	-129.91
(=) Excess Retained (M)	1,308.53	1,438.45	1,525.06
(/) Shares Outstanding (M)	49.18	49.18	49.18
(=) Excess Retained per Share	26.61	29.25	31.01
LTM Dividend per Share	1.57	1.57	1.57
(+) Excess Retained per Share	26.61	29.25	31.01
(=) Adjusted Dividend	28.18	30.82	32.58
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$829.52	$1,270.34	$2,211.34
Upside / Downside	226.67%	400.27%	770.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,732.19	1,844.79	1,964.70	2,092.40	2,228.41	2,373.25	2,444.45
Payout Ratio	4.46%	21.57%	38.67%	55.78%	72.89%	90.00%	92.50%
Projected Dividends (M)	77.22	397.85	759.84	1,167.21	1,624.32	2,135.93	2,261.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	361.30	364.72	368.15
Year 2 PV (M)	626.62	638.56	650.61
Year 3 PV (M)	874.13	899.22	924.79
Year 4 PV (M)	1,104.69	1,147.17	1,190.87
Year 5 PV (M)	1,319.16	1,382.87	1,449.03
PV of Terminal Value (M)	22,953.37	24,062.03	25,213.11
Equity Value (M)	27,239.27	28,494.57	29,796.55
Shares Outstanding (M)	49.18	49.18	49.18
Fair Value	$553.92	$579.45	$605.93
Upside / Downside	118.14%	128.19%	138.62%

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RenaissanceRe Holdings Ltd. (RNR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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