DDM Analysis: STN

Valuation Snapshot

Stable Growth	$662.30 - $780.30	$731.26
Multi-Stage	$468.91 - $514.65	$491.36
Blended Fair Value	$611.31
Current Price	$150.05
Upside	307.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.99%	10.82%	0.82	0.74	0.69	0.63	0.60	0.56	0.54	0.49	0.40	0.34
YoY Growth	-	-	10.72%	8.57%	8.16%	6.32%	6.25%	4.40%	10.45%	20.36%	20.29%	13.95%
Dividend Yield	-	-	0.69%	0.67%	0.87%	1.01%	1.11%	1.56%	1.67%	1.54%	1.17%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	447.55
(-) Cash Dividends Paid (M)	99.20
(=) Cash Retained (M)	348.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.51	55.94	33.57
Cash Retained (M)	348.35	348.35	348.35
(-) Cash Required (M)	-89.51	-55.94	-33.57
(=) Excess Retained (M)	258.84	292.41	314.78
(/) Shares Outstanding (M)	114.07	114.07	114.07
(=) Excess Retained per Share	2.27	2.56	2.76
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	2.27	2.56	2.76
(=) Adjusted Dividend	3.14	3.43	3.63
WACC / Discount Rate	1.44%	1.44%	1.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$662.30	$731.26	$780.30
Upside / Downside	341.39%	387.34%	420.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	447.55	476.64	507.62	540.62	575.76	613.18	631.58
Payout Ratio	22.17%	35.73%	49.30%	62.87%	76.43%	90.00%	92.50%
Projected Dividends (M)	99.20	170.31	250.25	339.87	440.07	551.87	584.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.44%	1.44%	1.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.31	167.89	169.47
Year 2 PV (M)	238.64	243.18	247.77
Year 3 PV (M)	316.48	325.56	334.82
Year 4 PV (M)	400.17	415.56	431.38
Year 5 PV (M)	490.04	513.71	538.28
PV of Terminal Value (M)	51,876.06	54,381.69	56,983.22
Equity Value (M)	53,487.70	56,047.60	58,704.95
Shares Outstanding (M)	114.07	114.07	114.07
Fair Value	$468.91	$491.36	$514.65
Upside / Downside	212.51%	227.46%	242.99%

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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%
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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%
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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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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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Stantec Inc. (STN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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