DDM Analysis: MLI

Valuation Snapshot

Stable Growth	$143.87 - $347.18	$213.48
Multi-Stage	$100.06 - $109.36	$104.63
Blended Fair Value	$159.05
Current Price	$101.40
Upside	56.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.89%	18.14%	0.79	0.59	0.50	0.26	0.20	0.20	0.20	1.75	0.19	0.15
YoY Growth	-	-	33.26%	19.86%	91.46%	30.42%	0.07%	-1.67%	-88.47%	827.93%	25.56%	0.50%
Dividend Yield	-	-	1.03%	1.10%	1.35%	0.91%	0.96%	1.75%	1.29%	13.39%	1.10%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	749.13
(-) Cash Dividends Paid (M)	104.03
(=) Cash Retained (M)	645.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.83	93.64	56.18
Cash Retained (M)	645.10	645.10	645.10
(-) Cash Required (M)	-149.83	-93.64	-56.18
(=) Excess Retained (M)	495.27	551.46	588.91
(/) Shares Outstanding (M)	112.45	112.45	112.45
(=) Excess Retained per Share	4.40	4.90	5.24
LTM Dividend per Share	0.93	0.93	0.93
(+) Excess Retained per Share	4.40	4.90	5.24
(=) Adjusted Dividend	5.33	5.83	6.16
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$143.87	$213.48	$347.18
Upside / Downside	41.89%	110.53%	242.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	749.13	797.82	849.68	904.91	963.73	1,026.37	1,057.17
Payout Ratio	13.89%	29.11%	44.33%	59.55%	74.78%	90.00%	92.50%
Projected Dividends (M)	104.03	232.25	376.68	538.92	720.65	923.74	977.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	210.28	212.27	214.27
Year 2 PV (M)	308.81	314.69	320.62
Year 3 PV (M)	400.02	411.51	423.21
Year 4 PV (M)	484.33	502.95	522.11
Year 5 PV (M)	562.10	589.25	617.44
PV of Terminal Value (M)	9,285.85	9,734.36	10,200.04
Equity Value (M)	11,251.39	11,765.04	12,297.69
Shares Outstanding (M)	112.45	112.45	112.45
Fair Value	$100.06	$104.63	$109.36
Upside / Downside	-1.32%	3.18%	7.85%

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Mueller Industries, Inc. (MLI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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