DDM Analysis: 0GMG.L

Valuation Snapshot

Stable Growth	$477.36 - $562.42	$527.07
Multi-Stage	$145.29 - $159.25	$152.14
Blended Fair Value	$339.61
Current Price	$105.00
Upside	223.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.63%	7.23%	0.99	0.99	0.75	0.63	0.00	0.63	0.51	0.51	0.51	0.50
YoY Growth	-	-	0.00%	33.00%	19.05%	0.00%	-100.00%	23.53%	-0.67%	0.00%	2.76%	0.67%
Dividend Yield	-	-	1.00%	0.85%	0.60%	0.65%	0.00%	1.72%	1.52%	2.63%	3.04%	3.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	379.00
(-) Cash Dividends Paid (M)	154.00
(=) Cash Retained (M)	225.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.80	47.38	28.43
Cash Retained (M)	225.00	225.00	225.00
(-) Cash Required (M)	-75.80	-47.38	-28.43
(=) Excess Retained (M)	149.20	177.63	196.58
(/) Shares Outstanding (M)	134.02	134.02	134.02
(=) Excess Retained per Share	1.11	1.33	1.47
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	1.11	1.33	1.47
(=) Adjusted Dividend	2.26	2.47	2.62
WACC / Discount Rate	5.04%	5.04%	5.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$477.36	$527.07	$562.42
Upside / Downside	354.63%	401.97%	435.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	379.00	403.64	429.87	457.81	487.57	519.26	534.84
Payout Ratio	40.63%	50.51%	60.38%	70.25%	80.13%	90.00%	92.50%
Projected Dividends (M)	154.00	203.86	259.56	321.63	390.67	467.34	494.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.04%	5.04%	5.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.26	194.09	195.91
Year 2 PV (M)	230.86	235.26	239.70
Year 3 PV (M)	269.80	277.54	285.43
Year 4 PV (M)	309.07	320.96	333.18
Year 5 PV (M)	348.69	365.53	383.01
PV of Terminal Value (M)	18,121.23	18,996.49	19,905.25
Equity Value (M)	19,471.91	20,389.86	21,342.49
Shares Outstanding (M)	134.02	134.02	134.02
Fair Value	$145.29	$152.14	$159.25
Upside / Downside	38.38%	44.90%	51.67%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
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Addnode Group AB (publ) (0GMG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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