DDM Analysis: TRTN

Valuation Snapshot

Stable Growth	$63.43 - $103.10	$81.21
Multi-Stage	$109.39 - $120.23	$114.71
Blended Fair Value	$97.96
Current Price	$24.00
Upside	308.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	1.14	1.60	1.56	1.45	1.52	1.58	1.34	0.84	0.00
YoY Growth	-	-	-100.00%	-28.75%	3.09%	7.40%	-4.80%	-4.01%	18.24%	59.95%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	4.62%	6.89%	5.92%	5.37%	8.43%	6.30%	5.33%	3.33%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	585.71
(-) Cash Dividends Paid (M)	166.93
(=) Cash Retained (M)	418.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	117.14	73.21	43.93
Cash Retained (M)	418.78	418.78	418.78
(-) Cash Required (M)	-117.14	-73.21	-43.93
(=) Excess Retained (M)	301.64	345.57	374.85
(/) Shares Outstanding (M)	101.16	101.16	101.16
(=) Excess Retained per Share	2.98	3.42	3.71
LTM Dividend per Share	1.65	1.65	1.65
(+) Excess Retained per Share	2.98	3.42	3.71
(=) Adjusted Dividend	4.63	5.07	5.36
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-0.18%	0.82%	1.82%
Fair Value	$63.43	$81.21	$103.10
Upside / Downside	164.29%	238.38%	329.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	585.71	590.51	595.35	600.22	605.14	610.09	628.39
Payout Ratio	28.50%	40.80%	53.10%	65.40%	77.70%	90.00%	92.50%
Projected Dividends (M)	166.93	240.93	316.13	392.54	470.19	549.08	581.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-0.18%	0.82%	1.82%
Year 1 PV (M)	222.71	224.94	227.17
Year 2 PV (M)	270.12	275.56	281.06
Year 3 PV (M)	310.05	319.46	329.06
Year 4 PV (M)	343.29	357.26	371.64
Year 5 PV (M)	370.57	389.51	409.22
PV of Terminal Value (M)	9,548.78	10,036.77	10,544.50
Equity Value (M)	11,065.53	11,603.50	12,162.65
Shares Outstanding (M)	101.16	101.16	101.16
Fair Value	$109.39	$114.71	$120.23
Upside / Downside	355.78%	377.94%	400.97%

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Triton International Limited (TRTN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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