DDM Analysis: 0N0B.L

Valuation Snapshot

Stable Growth	$165.12 - $519.64	$486.98
Multi-Stage	$72.19 - $78.84	$75.45
Blended Fair Value	$281.21
Current Price	$8.20
Upside	3,329.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	70.65%	26.74%	1.75	0.86	0.15	0.00	0.00	0.12	0.00	0.00	0.04	0.10
YoY Growth	-	-	103.87%	474.60%	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	-58.54%	-40.58%
Dividend Yield	-	-	25.28%	10.32%	2.06%	0.00%	0.00%	12.61%	0.00%	0.00%	0.82%	1.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,104.00
(-) Cash Dividends Paid (M)	975.00
(=) Cash Retained (M)	129.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	220.80	138.00	82.80
Cash Retained (M)	129.00	129.00	129.00
(-) Cash Required (M)	-220.80	-138.00	-82.80
(=) Excess Retained (M)	-91.80	-9.00	46.20
(/) Shares Outstanding (M)	422.52	422.52	422.52
(=) Excess Retained per Share	-0.22	-0.02	0.11
LTM Dividend per Share	2.31	2.31	2.31
(+) Excess Retained per Share	-0.22	-0.02	0.11
(=) Adjusted Dividend	2.09	2.29	2.42
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$165.12	$486.98	$519.64
Upside / Downside	1,913.69%	5,838.74%	6,237.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,104.00	1,175.76	1,252.18	1,333.58	1,420.26	1,512.58	1,557.95
Payout Ratio	88.32%	88.65%	88.99%	89.33%	89.66%	90.00%	92.50%
Projected Dividends (M)	975.00	1,042.34	1,114.31	1,191.23	1,273.45	1,361.32	1,441.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	966.49	975.65	984.81
Year 2 PV (M)	958.03	976.28	994.70
Year 3 PV (M)	949.64	976.90	1,004.67
Year 4 PV (M)	941.30	977.50	1,014.74
Year 5 PV (M)	933.03	978.09	1,024.89
PV of Terminal Value (M)	25,751.69	26,995.50	28,286.92
Equity Value (M)	30,500.17	31,879.92	33,310.73
Shares Outstanding (M)	422.52	422.52	422.52
Fair Value	$72.19	$75.45	$78.84
Upside / Downside	780.32%	820.14%	861.44%

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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%
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Wallenius Wilhelmsen ASA (0N0B.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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