DDM Analysis: 0QQZ.L

Valuation Snapshot

Stable Growth	$838.10 - $1,410.37	$1,088.73
Multi-Stage	$3,063.03 - $3,382.85	$3,219.74
Blended Fair Value	$2,154.23
Current Price	$482.00
Upside	346.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.22%	0.00%	12.01	17.01	17.01	16.01	16.02	14.90	16.29	13.96	13.96	13.96
YoY Growth	-	-	-29.41%	0.00%	6.26%	-0.08%	7.52%	-8.52%	16.66%	0.01%	0.00%	0.00%
Dividend Yield	-	-	2.75%	3.46%	3.54%	3.68%	3.86%	3.31%	3.55%	2.90%	3.54%	3.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	427.95
(-) Cash Dividends Paid (M)	50.89
(=) Cash Retained (M)	377.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.59	53.49	32.10
Cash Retained (M)	377.06	377.06	377.06
(-) Cash Required (M)	-85.59	-53.49	-32.10
(=) Excess Retained (M)	291.47	323.56	344.96
(/) Shares Outstanding (M)	5.98	5.98	5.98
(=) Excess Retained per Share	48.72	54.08	57.66
LTM Dividend per Share	8.51	8.51	8.51
(+) Excess Retained per Share	48.72	54.08	57.66
(=) Adjusted Dividend	57.23	62.59	66.17
WACC / Discount Rate	4.69%	4.69%	4.69%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$838.10	$1,088.73	$1,410.37
Upside / Downside	73.88%	125.88%	192.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	427.95	423.67	419.44	415.24	411.09	406.98	419.19
Payout Ratio	11.89%	27.51%	43.14%	58.76%	74.38%	90.00%	92.50%
Projected Dividends (M)	50.89	116.57	180.93	243.98	305.76	366.28	387.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.69%	4.69%	4.69%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	110.22	111.35	112.47
Year 2 PV (M)	161.76	165.07	168.43
Year 3 PV (M)	206.25	212.63	219.14
Year 4 PV (M)	244.40	254.53	264.97
Year 5 PV (M)	276.83	291.24	306.25
PV of Terminal Value (M)	17,325.75	18,227.94	19,167.33
Equity Value (M)	18,325.21	19,262.76	20,238.59
Shares Outstanding (M)	5.98	5.98	5.98
Fair Value	$3,063.03	$3,219.74	$3,382.85
Upside / Downside	535.48%	568.00%	601.84%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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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St. Galler Kantonalbank AG (0QQZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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