DDM Analysis: 0FNZ.L

Valuation Snapshot

Stable Growth	$23.64 - $39.90	$30.75
Multi-Stage	$38.77 - $42.61	$40.65
Blended Fair Value	$35.70
Current Price	$27.10
Upside	31.74%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.22%	6.33%	0.55	0.60	0.60	0.60	0.30	0.80	0.75	0.60	0.55	0.45
YoY Growth	-	-	-8.30%	-0.04%	0.00%	100.00%	-62.50%	6.79%	25.00%	9.09%	22.22%	50.98%
Dividend Yield	-	-	2.04%	2.51%	2.13%	1.83%	0.79%	3.90%	2.54%	2.09%	2.51%	2.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.73
(-) Cash Dividends Paid (M)	13.99
(=) Cash Retained (M)	40.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.95	6.84	4.10
Cash Retained (M)	40.74	40.74	40.74
(-) Cash Required (M)	-10.95	-6.84	-4.10
(=) Excess Retained (M)	29.79	33.90	36.63
(/) Shares Outstanding (M)	28.00	28.00	28.00
(=) Excess Retained per Share	1.06	1.21	1.31
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	1.06	1.21	1.31
(=) Adjusted Dividend	1.56	1.71	1.81
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	0.37%	1.37%	2.37%
Fair Value	$23.64	$30.75	$39.90
Upside / Downside	-12.76%	13.46%	47.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.73	55.48	56.24	57.01	57.80	58.59	60.35
Payout Ratio	25.56%	38.45%	51.34%	64.23%	77.11%	90.00%	92.50%
Projected Dividends (M)	13.99	21.33	28.87	36.62	44.57	52.73	55.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	0.37%	1.37%	2.37%
Year 1 PV (M)	19.74	19.93	20.13
Year 2 PV (M)	24.72	25.21	25.71
Year 3 PV (M)	29.00	29.88	30.77
Year 4 PV (M)	32.66	33.99	35.35
Year 5 PV (M)	35.76	37.58	39.47
PV of Terminal Value (M)	943.59	991.54	1,041.42
Equity Value (M)	1,085.47	1,138.13	1,192.85
Shares Outstanding (M)	28.00	28.00	28.00
Fair Value	$38.77	$40.65	$42.61
Upside / Downside	43.07%	50.01%	57.22%

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WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
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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%
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Ponsse Oyj (0FNZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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