DDM Analysis: 0K58.L

Valuation Snapshot

Stable Growth	$12.46 - $19.66	$15.75
Multi-Stage	$32.60 - $35.97	$34.25
Blended Fair Value	$25.00
Current Price	$15.51
Upside	61.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.52%	-9.39%	0.20	0.05	0.05	0.19	0.19	0.19	0.58	1.80	1.78	0.98
YoY Growth	-	-	290.00%	5.26%	-75.32%	1.32%	0.00%	-66.96%	-67.61%	1.00%	80.72%	86.12%
Dividend Yield	-	-	1.07%	0.26%	0.35%	2.01%	0.71%	0.53%	1.54%	4.76%	4.71%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	499.00
(-) Cash Dividends Paid (M)	79.00
(=) Cash Retained (M)	420.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.80	62.38	37.43
Cash Retained (M)	420.00	420.00	420.00
(-) Cash Required (M)	-99.80	-62.38	-37.43
(=) Excess Retained (M)	320.20	357.63	382.58
(/) Shares Outstanding (M)	395.50	395.50	395.50
(=) Excess Retained per Share	0.81	0.90	0.97
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.81	0.90	0.97
(=) Adjusted Dividend	1.01	1.10	1.17
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	-2.18%	-1.18%	-0.18%
Fair Value	$12.46	$15.75	$19.66
Upside / Downside	-19.69%	1.54%	26.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	499.00	493.09	487.25	481.48	475.78	470.15	484.25
Payout Ratio	15.83%	30.67%	45.50%	60.33%	75.17%	90.00%	92.50%
Projected Dividends (M)	79.00	151.21	221.69	290.49	357.63	423.13	447.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	-2.18%	-1.18%	-0.18%
Year 1 PV (M)	141.55	143.00	144.44
Year 2 PV (M)	194.28	198.27	202.30
Year 3 PV (M)	238.30	245.69	253.22
Year 4 PV (M)	274.64	286.04	297.80
Year 5 PV (M)	304.19	320.06	336.58
PV of Terminal Value (M)	11,741.93	12,354.53	12,992.44
Equity Value (M)	12,894.89	13,547.59	14,226.80
Shares Outstanding (M)	395.50	395.50	395.50
Fair Value	$32.60	$34.25	$35.97
Upside / Downside	110.21%	120.85%	131.93%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
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%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
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%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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NOV Inc. (0K58.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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