DDM Analysis: 0ITL.L

Valuation Snapshot

Stable Growth	$338.39 - $1,259.49	$1,018.26
Multi-Stage	$158.36 - $173.21	$165.65
Blended Fair Value	$591.95
Current Price	$309.74
Upside	91.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.35%	8.94%	2.08	1.87	1.70	1.55	1.37	1.27	1.19	1.12	1.08	1.02
YoY Growth	-	-	10.94%	10.27%	9.57%	12.84%	8.19%	6.39%	6.76%	3.86%	5.71%	15.42%
Dividend Yield	-	-	0.60%	0.76%	0.89%	0.89%	1.10%	1.56%	1.51%	1.63%	1.90%	2.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,601.20
(-) Cash Dividends Paid (M)	631.30
(=) Cash Retained (M)	969.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	320.24	200.15	120.09
Cash Retained (M)	969.90	969.90	969.90
(-) Cash Required (M)	-320.24	-200.15	-120.09
(=) Excess Retained (M)	649.66	769.75	849.81
(/) Shares Outstanding (M)	252.83	252.83	252.83
(=) Excess Retained per Share	2.57	3.04	3.36
LTM Dividend per Share	2.50	2.50	2.50
(+) Excess Retained per Share	2.57	3.04	3.36
(=) Adjusted Dividend	5.07	5.54	5.86
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$338.39	$1,018.26	$1,259.49
Upside / Downside	9.25%	228.75%	306.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,601.20	1,705.28	1,816.12	1,934.17	2,059.89	2,193.78	2,259.60
Payout Ratio	39.43%	49.54%	59.66%	69.77%	79.89%	90.00%	92.50%
Projected Dividends (M)	631.30	844.82	1,083.43	1,349.48	1,645.55	1,974.40	2,090.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	781.55	788.96	796.37
Year 2 PV (M)	927.24	944.90	962.73
Year 3 PV (M)	1,068.45	1,099.13	1,130.38
Year 4 PV (M)	1,205.30	1,251.65	1,299.33
Year 5 PV (M)	1,337.88	1,402.50	1,469.59
PV of Terminal Value (M)	34,716.66	36,393.49	38,134.49
Equity Value (M)	40,037.09	41,880.63	43,792.89
Shares Outstanding (M)	252.83	252.83	252.83
Fair Value	$158.36	$165.65	$173.21
Upside / Downside	-48.87%	-46.52%	-44.08%

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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%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
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LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
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%
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Arthur J. Gallagher & Co. (0ITL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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