DDM Analysis: 0M29.L

Valuation Snapshot

Stable Growth	$148.80 - $773.03	$300.67
Multi-Stage	$83.70 - $91.50	$87.53
Blended Fair Value	$194.10
Current Price	$147.50
Upside	31.59%
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	15.00%	14.05%	1.44	1.23	0.89	0.83	0.77	0.71	0.62	0.53	0.46	0.42
YoY Growth	-	-	17.06%	37.79%	6.90%	7.98%	8.05%	14.47%	16.92%	16.07%	9.80%	8.51%
Dividend Yield	-	-	1.20%	0.95%	0.85%	0.98%	0.73%	1.10%	0.77%	0.69%	0.91%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	948.00
(-) Cash Dividends Paid (M)	380.00
(=) Cash Retained (M)	568.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.60	118.50	71.10
Cash Retained (M)	568.00	568.00	568.00
(-) Cash Required (M)	-189.60	-118.50	-71.10
(=) Excess Retained (M)	378.40	449.50	496.90
(/) Shares Outstanding (M)	243.89	243.89	243.89
(=) Excess Retained per Share	1.55	1.84	2.04
LTM Dividend per Share	1.56	1.56	1.56
(+) Excess Retained per Share	1.55	1.84	2.04
(=) Adjusted Dividend	3.11	3.40	3.60
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$148.80	$300.67	$773.03
Upside / Downside	0.88%	103.85%	424.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	948.00	1,009.62	1,075.25	1,145.14	1,219.57	1,298.84	1,337.81
Payout Ratio	40.08%	50.07%	60.05%	70.03%	80.02%	90.00%	92.50%
Projected Dividends (M)	380.00	505.49	645.69	801.98	975.86	1,168.96	1,237.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	464.92	469.33	473.74
Year 2 PV (M)	546.21	556.62	567.12
Year 3 PV (M)	623.98	641.89	660.14
Year 4 PV (M)	698.33	725.19	752.81
Year 5 PV (M)	769.38	806.54	845.12
PV of Terminal Value (M)	17,311.91	18,148.09	19,016.26
Equity Value (M)	20,414.74	21,347.65	22,315.19
Shares Outstanding (M)	243.89	243.89	243.89
Fair Value	$83.70	$87.53	$91.50
Upside / Downside	-43.25%	-40.66%	-37.97%

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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
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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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Xylem Inc. (0M29.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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