DDM Analysis: 0KIZ.L

Valuation Snapshot

Stable Growth	$203.33 - $985.03	$437.12
Multi-Stage	$111.90 - $122.25	$116.98
Blended Fair Value	$277.05
Current Price	$109.90
Upside	152.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.47%	21.49%	2.80	2.60	1.70	1.60	0.00	0.80	0.68	0.54	0.40	0.40
YoY Growth	-	-	7.70%	52.91%	6.25%	0.00%	-100.00%	17.64%	25.89%	35.14%	0.00%	0.00%
Dividend Yield	-	-	2.81%	2.11%	1.91%	2.09%	0.00%	5.84%	2.25%	1.99%	1.28%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	821.50
(-) Cash Dividends Paid (M)	464.20
(=) Cash Retained (M)	357.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	164.30	102.69	61.61
Cash Retained (M)	357.30	357.30	357.30
(-) Cash Required (M)	-164.30	-102.69	-61.61
(=) Excess Retained (M)	193.00	254.61	295.69
(/) Shares Outstanding (M)	165.86	165.86	165.86
(=) Excess Retained per Share	1.16	1.54	1.78
LTM Dividend per Share	2.80	2.80	2.80
(+) Excess Retained per Share	1.16	1.54	1.78
(=) Adjusted Dividend	3.96	4.33	4.58
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$203.33	$437.12	$985.03
Upside / Downside	85.02%	297.75%	796.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	821.50	874.90	931.77	992.33	1,056.83	1,125.53	1,159.29
Payout Ratio	56.51%	63.21%	69.90%	76.60%	83.30%	90.00%	92.50%
Projected Dividends (M)	464.20	552.98	651.34	760.15	880.35	1,012.97	1,072.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	509.31	514.13	518.96
Year 2 PV (M)	552.52	563.04	573.66
Year 3 PV (M)	593.89	610.94	628.31
Year 4 PV (M)	633.48	657.84	682.90
Year 5 PV (M)	671.34	703.76	737.43
PV of Terminal Value (M)	15,599.24	16,352.69	17,134.98
Equity Value (M)	18,559.77	19,402.41	20,276.24
Shares Outstanding (M)	165.86	165.86	165.86
Fair Value	$111.90	$116.98	$122.25
Upside / Downside	1.82%	6.44%	11.24%

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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
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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%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
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%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
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%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
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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New Wave Group AB (publ) (0KIZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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