DDM Analysis: 0GXK.L

Valuation Snapshot

Stable Growth	$945.83 - $3,368.39	$3,086.52
Multi-Stage	$432.20 - $472.71	$452.09
Blended Fair Value	$1,769.30
Current Price	$314.40
Upside	462.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.24%	17.67%	7.00	5.50	5.00	4.50	0.00	4.50	3.25	1.75	1.63	1.50
YoY Growth	-	-	27.25%	10.00%	11.11%	0.00%	-100.00%	38.46%	85.71%	7.69%	8.33%	9.09%
Dividend Yield	-	-	2.50%	1.77%	2.90%	3.22%	0.00%	3.91%	2.32%	1.31%	1.44%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	423.40
(-) Cash Dividends Paid (M)	181.60
(=) Cash Retained (M)	241.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.68	52.93	31.76
Cash Retained (M)	241.80	241.80	241.80
(-) Cash Required (M)	-84.68	-52.93	-31.76
(=) Excess Retained (M)	157.12	188.88	210.05
(/) Shares Outstanding (M)	25.00	25.00	25.00
(=) Excess Retained per Share	6.29	7.56	8.40
LTM Dividend per Share	7.26	7.26	7.26
(+) Excess Retained per Share	6.29	7.56	8.40
(=) Adjusted Dividend	13.55	14.82	15.67
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$945.83	$3,086.52	$3,368.39
Upside / Downside	200.84%	881.72%	971.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	423.40	450.92	480.23	511.45	544.69	580.09	597.50
Payout Ratio	42.89%	52.31%	61.73%	71.16%	80.58%	90.00%	92.50%
Projected Dividends (M)	181.60	235.89	296.47	363.93	438.90	522.09	552.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	218.36	220.43	222.50
Year 2 PV (M)	254.05	258.89	263.78
Year 3 PV (M)	288.69	296.98	305.42
Year 4 PV (M)	322.30	334.69	347.44
Year 5 PV (M)	354.90	372.04	389.84
PV of Terminal Value (M)	9,365.92	9,818.30	10,287.99
Equity Value (M)	10,804.23	11,301.34	11,816.97
Shares Outstanding (M)	25.00	25.00	25.00
Fair Value	$432.20	$452.09	$472.71
Upside / Downside	37.47%	43.79%	50.35%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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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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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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VBG Group AB (publ) (0GXK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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