DDM Analysis: 0R3I.L

Valuation Snapshot

Stable Growth	$475.94 - $1,113.90	$1,043.89
Multi-Stage	$162.52 - $178.00	$170.12
Blended Fair Value	$607.00
Current Price	$98.25
Upside	517.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.61%	25.05%	2.49	2.70	2.54	1.09	0.82	0.68	0.51	0.46	0.39	0.16
YoY Growth	-	-	-7.93%	6.19%	133.53%	32.06%	21.30%	33.33%	10.96%	17.90%	144.44%	-40.02%
Dividend Yield	-	-	3.15%	3.74%	3.66%	0.81%	0.32%	0.51%	0.59%	1.02%	1.02%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	890.00
(-) Cash Dividends Paid (M)	173.20
(=) Cash Retained (M)	716.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	178.00	111.25	66.75
Cash Retained (M)	716.80	716.80	716.80
(-) Cash Required (M)	-178.00	-111.25	-66.75
(=) Excess Retained (M)	538.80	605.55	650.05
(/) Shares Outstanding (M)	158.90	158.90	158.90
(=) Excess Retained per Share	3.39	3.81	4.09
LTM Dividend per Share	1.09	1.09	1.09
(+) Excess Retained per Share	3.39	3.81	4.09
(=) Adjusted Dividend	4.48	4.90	5.18
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$475.94	$1,043.89	$1,113.90
Upside / Downside	384.42%	962.48%	1,033.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	890.00	947.85	1,009.46	1,075.08	1,144.96	1,219.38	1,255.96
Payout Ratio	19.46%	33.57%	47.68%	61.78%	75.89%	90.00%	92.50%
Projected Dividends (M)	173.20	318.18	481.27	664.23	868.93	1,097.44	1,161.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	295.97	298.78	301.58
Year 2 PV (M)	416.44	424.37	432.38
Year 3 PV (M)	534.64	549.98	565.62
Year 4 PV (M)	650.59	675.61	701.35
Year 5 PV (M)	764.34	801.25	839.58
PV of Terminal Value (M)	23,162.83	24,281.60	25,443.20
Equity Value (M)	25,824.80	27,031.60	28,283.71
Shares Outstanding (M)	158.90	158.90	158.90
Fair Value	$162.52	$170.12	$178.00
Upside / Downside	65.42%	73.15%	81.17%

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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%
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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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Scatec ASA (0R3I.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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