DDM Analysis: TT

Valuation Snapshot

Stable Growth	$408.80 - $1,897.19	$719.95
Multi-Stage	$249.50 - $272.77	$260.92
Blended Fair Value	$490.44
Current Price	$421.96
Upside	16.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.23%	11.09%	3.35	3.03	2.75	2.48	2.25	2.26	2.12	1.90	1.54	1.34
YoY Growth	-	-	10.79%	10.24%	10.53%	10.61%	-0.55%	6.38%	11.49%	23.38%	14.94%	14.58%
Dividend Yield	-	-	1.00%	1.02%	1.49%	1.63%	1.36%	2.74%	2.48%	2.87%	2.45%	2.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,931.60
(-) Cash Dividends Paid (M)	817.80
(=) Cash Retained (M)	2,113.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	586.32	366.45	219.87
Cash Retained (M)	2,113.80	2,113.80	2,113.80
(-) Cash Required (M)	-586.32	-366.45	-219.87
(=) Excess Retained (M)	1,527.48	1,747.35	1,893.93
(/) Shares Outstanding (M)	225.80	225.80	225.80
(=) Excess Retained per Share	6.76	7.74	8.39
LTM Dividend per Share	3.62	3.62	3.62
(+) Excess Retained per Share	6.76	7.74	8.39
(=) Adjusted Dividend	10.39	11.36	12.01
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$408.80	$719.95	$1,897.19
Upside / Downside	-3.12%	70.62%	349.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,931.60	3,122.15	3,325.09	3,541.23	3,771.40	4,016.55	4,137.04
Payout Ratio	27.90%	40.32%	52.74%	65.16%	77.58%	90.00%	92.50%
Projected Dividends (M)	817.80	1,258.75	1,753.58	2,307.41	2,925.83	3,614.89	3,826.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,152.64	1,163.57	1,174.49
Year 2 PV (M)	1,470.39	1,498.40	1,526.67
Year 3 PV (M)	1,771.68	1,822.54	1,874.36
Year 4 PV (M)	2,057.14	2,136.25	2,217.63
Year 5 PV (M)	2,327.37	2,439.78	2,556.49
PV of Terminal Value (M)	47,558.79	49,855.90	52,240.93
Equity Value (M)	56,338.02	58,916.44	61,590.57
Shares Outstanding (M)	225.80	225.80	225.80
Fair Value	$249.50	$260.92	$272.77
Upside / Downside	-40.87%	-38.16%	-35.36%

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Trane Technologies plc (TT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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