DDM Analysis: 0N66.L

Valuation Snapshot

Stable Growth	$194.46 - $943.23	$417.57
Multi-Stage	$109.27 - $119.26	$114.18
Blended Fair Value	$265.87
Current Price	$141.00
Upside	88.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.93%	25.06%	1.69	1.42	0.91	0.84	0.64	0.35	0.29	0.29	0.24	0.22
YoY Growth	-	-	19.08%	55.49%	8.98%	30.98%	82.14%	19.66%	0.86%	22.11%	7.95%	22.22%
Dividend Yield	-	-	1.48%	1.38%	1.31%	0.77%	0.81%	0.98%	1.52%	1.57%	1.81%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.44
(-) Cash Dividends Paid (M)	60.68
(=) Cash Retained (M)	14.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.09	9.43	5.66
Cash Retained (M)	14.76	14.76	14.76
(-) Cash Required (M)	-15.09	-9.43	-5.66
(=) Excess Retained (M)	-0.33	5.33	9.10
(/) Shares Outstanding (M)	15.91	15.91	15.91
(=) Excess Retained per Share	-0.02	0.33	0.57
LTM Dividend per Share	3.82	3.82	3.82
(+) Excess Retained per Share	-0.02	0.33	0.57
(=) Adjusted Dividend	3.79	4.15	4.39
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$194.46	$417.57	$943.23
Upside / Downside	37.92%	196.15%	568.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.44	80.34	85.57	91.13	97.05	103.36	106.46
Payout Ratio	80.44%	82.35%	84.26%	86.18%	88.09%	90.00%	92.50%
Projected Dividends (M)	60.68	66.16	72.10	78.53	85.49	93.02	98.47

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)	60.94	61.51	62.09
Year 2 PV (M)	61.16	62.32	63.50
Year 3 PV (M)	61.35	63.11	64.90
Year 4 PV (M)	61.51	63.88	66.31
Year 5 PV (M)	61.64	64.62	67.71
PV of Terminal Value (M)	1,431.53	1,500.68	1,572.47
Equity Value (M)	1,738.13	1,816.12	1,896.98
Shares Outstanding (M)	15.91	15.91	15.91
Fair Value	$109.27	$114.18	$119.26
Upside / Downside	-22.50%	-19.02%	-15.42%

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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%
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ECL	Ecolab Inc.	0.97%	$2.54	36.57%
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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%
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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%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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ATOSS Software AG (0N66.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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