DDM Analysis: 0QLD.L

Valuation Snapshot

Stable Growth	$6,322.96 - $7,449.52	$6,981.29
Multi-Stage	$1,344.91 - $1,474.11	$1,408.31
Blended Fair Value	$4,194.80
Current Price	$449.40
Upside	833.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.03%	22.21%	4.27	2.18	2.20	1.48	0.99	0.99	0.87	0.56	0.59	0.59
YoY Growth	-	-	96.36%	-0.89%	47.91%	49.86%	0.26%	13.56%	54.09%	-4.91%	-0.17%	3.43%
Dividend Yield	-	-	1.23%	1.06%	1.64%	0.74%	1.15%	2.04%	1.92%	1.48%	2.49%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	563.48
(-) Cash Dividends Paid (M)	64.27
(=) Cash Retained (M)	499.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	112.70	70.43	42.26
Cash Retained (M)	499.21	499.21	499.21
(-) Cash Required (M)	-112.70	-70.43	-42.26
(=) Excess Retained (M)	386.52	428.78	456.95
(/) Shares Outstanding (M)	15.04	15.04	15.04
(=) Excess Retained per Share	25.69	28.50	30.38
LTM Dividend per Share	4.27	4.27	4.27
(+) Excess Retained per Share	25.69	28.50	30.38
(=) Adjusted Dividend	29.97	32.78	34.65
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,322.96	$6,981.29	$7,449.52
Upside / Downside	1,306.98%	1,453.47%	1,557.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	563.48	600.11	639.11	680.65	724.90	772.02	795.18
Payout Ratio	11.41%	27.12%	42.84%	58.56%	74.28%	90.00%	92.50%
Projected Dividends (M)	64.27	162.78	273.82	398.61	538.46	694.81	735.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	152.35	153.79	155.24
Year 2 PV (M)	239.86	244.43	249.04
Year 3 PV (M)	326.81	336.20	345.76
Year 4 PV (M)	413.20	429.09	445.44
Year 5 PV (M)	499.03	523.14	548.16
PV of Terminal Value (M)	18,600.02	19,498.40	20,431.17
Equity Value (M)	20,231.28	21,185.06	22,174.81
Shares Outstanding (M)	15.04	15.04	15.04
Fair Value	$1,344.91	$1,408.31	$1,474.11
Upside / Downside	199.27%	213.38%	228.02%

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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%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
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%
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%
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Swissquote Group Holding Ltd (0QLD.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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