DDM Analysis: 0NWC.L

Valuation Snapshot

Stable Growth	$409.32 - $1,985.94	$878.68
Multi-Stage	$229.63 - $250.64	$239.95
Blended Fair Value	$559.31
Current Price	$228.50
Upside	144.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.96%	31.73%	2.36	2.86	5.38	2.54	1.56	2.04	1.20	0.58	0.34	0.27
YoY Growth	-	-	-17.48%	-46.84%	111.81%	62.82%	-23.53%	70.00%	106.90%	70.59%	25.93%	80.00%
Dividend Yield	-	-	2.03%	1.96%	2.74%	0.61%	0.63%	1.46%	1.32%	0.61%	0.74%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.60
(-) Cash Dividends Paid (M)	50.59
(=) Cash Retained (M)	14.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.92	8.08	4.85
Cash Retained (M)	14.01	14.01	14.01
(-) Cash Required (M)	-12.92	-8.08	-4.85
(=) Excess Retained (M)	1.09	5.94	9.17
(/) Shares Outstanding (M)	6.47	6.47	6.47
(=) Excess Retained per Share	0.17	0.92	1.42
LTM Dividend per Share	7.82	7.82	7.82
(+) Excess Retained per Share	0.17	0.92	1.42
(=) Adjusted Dividend	7.99	8.74	9.24
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$409.32	$878.68	$1,985.94
Upside / Downside	79.13%	284.54%	769.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.60	68.80	73.27	78.04	83.11	88.51	91.17
Payout Ratio	78.31%	80.65%	82.99%	85.32%	87.66%	90.00%	92.50%
Projected Dividends (M)	50.59	55.49	60.81	66.59	72.86	79.66	84.33

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)	51.10	51.59	52.07
Year 2 PV (M)	51.58	52.56	53.55
Year 3 PV (M)	52.02	53.51	55.03
Year 4 PV (M)	52.42	54.44	56.51
Year 5 PV (M)	52.79	55.34	57.98
PV of Terminal Value (M)	1,225.72	1,284.92	1,346.39
Equity Value (M)	1,485.62	1,552.35	1,621.54
Shares Outstanding (M)	6.47	6.47	6.47
Fair Value	$229.63	$239.95	$250.64
Upside / Downside	0.50%	5.01%	9.69%

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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%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
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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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secunet Security Networks AG (0NWC.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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