DDM Analysis: 0S9E.L

Valuation Snapshot

Stable Growth	$20.89 - $52.72	$31.45
Multi-Stage	$21.72 - $23.78	$22.73
Blended Fair Value	$27.09
Current Price	$14.14
Upside	91.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.46%	1.17%	0.46	0.46	0.49	0.49	0.47	0.42	0.43	0.43	0.41	0.41
YoY Growth	-	-	-1.02%	-4.98%	-1.03%	4.20%	10.87%	-0.55%	-0.22%	3.83%	1.44%	-0.04%
Dividend Yield	-	-	3.54%	6.13%	7.58%	6.24%	6.11%	7.34%	5.67%	4.96%	4.08%	4.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.18
(-) Cash Dividends Paid (M)	40.61
(=) Cash Retained (M)	42.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.64	10.40	6.24
Cash Retained (M)	42.57	42.57	42.57
(-) Cash Required (M)	-16.64	-10.40	-6.24
(=) Excess Retained (M)	25.94	32.17	36.33
(/) Shares Outstanding (M)	87.71	87.71	87.71
(=) Excess Retained per Share	0.30	0.37	0.41
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.30	0.37	0.41
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	3.31%	4.31%	5.31%
Fair Value	$20.89	$31.45	$52.72
Upside / Downside	47.72%	122.40%	272.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.18	86.77	90.51	94.41	98.48	102.72	105.81
Payout Ratio	48.82%	57.06%	65.29%	73.53%	81.76%	90.00%	92.50%
Projected Dividends (M)	40.61	49.51	59.09	69.42	80.52	92.45	97.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	3.31%	4.31%	5.31%
Year 1 PV (M)	45.80	46.24	46.68
Year 2 PV (M)	50.57	51.55	52.55
Year 3 PV (M)	54.95	56.56	58.21
Year 4 PV (M)	58.97	61.28	63.67
Year 5 PV (M)	62.63	65.72	68.93
PV of Terminal Value (M)	1,631.72	1,712.23	1,795.89
Equity Value (M)	1,904.64	1,993.60	2,085.93
Shares Outstanding (M)	87.71	87.71	87.71
Fair Value	$21.72	$22.73	$23.78
Upside / Downside	53.57%	60.75%	68.19%

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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%
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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%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Extendicare Inc. (0S9E.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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