DDM Analysis: 0KYY.L

Valuation Snapshot

Stable Growth	$498.86 - $2,669.99	$984.03
Multi-Stage	$281.76 - $308.14	$294.71
Blended Fair Value	$639.37
Current Price	$486.71
Upside	31.37%
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	15.16%	13.28%	3.69	3.73	3.33	2.42	2.10	1.82	1.64	1.37	1.24	1.18
YoY Growth	-	-	-1.13%	12.01%	37.82%	15.19%	15.18%	11.33%	19.48%	10.79%	4.68%	11.35%
Dividend Yield	-	-	0.73%	0.87%	0.97%	0.59%	0.59%	0.74%	0.77%	0.72%	0.95%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,129.00
(-) Cash Dividends Paid (M)	1,160.00
(=) Cash Retained (M)	2,969.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	825.80	516.13	309.68
Cash Retained (M)	2,969.00	2,969.00	2,969.00
(-) Cash Required (M)	-825.80	-516.13	-309.68
(=) Excess Retained (M)	2,143.20	2,452.88	2,659.33
(/) Shares Outstanding (M)	307.55	307.55	307.55
(=) Excess Retained per Share	6.97	7.98	8.65
LTM Dividend per Share	3.77	3.77	3.77
(+) Excess Retained per Share	6.97	7.98	8.65
(=) Adjusted Dividend	10.74	11.75	12.42
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$498.86	$984.03	$2,669.99
Upside / Downside	2.50%	102.18%	448.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,129.00	4,397.39	4,683.22	4,987.62	5,311.82	5,657.09	5,826.80
Payout Ratio	28.09%	40.48%	52.86%	65.24%	77.62%	90.00%	92.50%
Projected Dividends (M)	1,160.00	1,779.85	2,475.38	3,253.81	4,122.97	5,091.38	5,389.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,636.00	1,651.50	1,667.01
Year 2 PV (M)	2,091.42	2,131.25	2,171.46
Year 3 PV (M)	2,526.91	2,599.45	2,673.36
Year 4 PV (M)	2,943.12	3,056.30	3,172.72
Year 5 PV (M)	3,340.66	3,502.02	3,669.55
PV of Terminal Value (M)	74,118.10	77,698.03	81,414.98
Equity Value (M)	86,656.20	90,638.55	94,769.08
Shares Outstanding (M)	307.55	307.55	307.55
Fair Value	$281.76	$294.71	$308.14
Upside / Downside	-42.11%	-39.45%	-36.69%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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S&P Global Inc. (0KYY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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