DDM Analysis: RNR

Valuation Snapshot

Stable Growth	$5,945.96 - $7,005.35	$6,565.04
Multi-Stage	$1,503.34 - $1,648.60	$1,574.62
Blended Fair Value	$4,069.83
Current Price	$253.93
Upside	1,502.74%
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	5.40%	5.40%	5.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,945.96	$6,565.04	$7,005.35
Upside / Downside	2,241.58%	2,485.37%	2,658.77%

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	5.40%	5.40%	5.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	373.92	377.47	381.01
Year 2 PV (M)	671.19	683.97	696.88
Year 3 PV (M)	969.02	996.83	1,025.18
Year 4 PV (M)	1,267.40	1,316.14	1,366.28
Year 5 PV (M)	1,566.36	1,642.01	1,720.56
PV of Terminal Value (M)	69,079.39	72,415.95	75,880.21
Equity Value (M)	73,927.28	77,432.38	81,070.12
Shares Outstanding (M)	49.18	49.18	49.18
Fair Value	$1,503.34	$1,574.62	$1,648.60
Upside / Downside	492.03%	520.10%	549.23%

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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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