DDM Analysis: 0RAR.L

Valuation Snapshot

Stable Growth	$16.27 - $28.76	$21.56
Multi-Stage	$24.96 - $27.38	$26.15
Blended Fair Value	$23.86
Current Price	$26.20
Upside	-8.95%
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	-7.38%	-0.53%	0.55	0.97	0.95	0.90	0.83	0.81	0.78	0.75	0.73	0.68
YoY Growth	-	-	-43.28%	2.33%	5.80%	7.80%	2.96%	2.92%	4.43%	2.75%	7.72%	16.91%
Dividend Yield	-	-	2.26%	2.58%	1.51%	0.89%	0.72%	1.14%	1.29%	1.02%	1.30%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.70
(-) Cash Dividends Paid (M)	7.29
(=) Cash Retained (M)	7.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.94	1.84	1.10
Cash Retained (M)	7.41	7.41	7.41
(-) Cash Required (M)	-2.94	-1.84	-1.10
(=) Excess Retained (M)	4.47	5.57	6.30
(/) Shares Outstanding (M)	12.16	12.16	12.16
(=) Excess Retained per Share	0.37	0.46	0.52
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.37	0.46	0.52
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Fair Value	$16.27	$21.56	$28.76
Upside / Downside	-37.90%	-17.71%	9.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.70	15.00	15.31	15.63	15.95	16.27	16.76
Payout Ratio	49.62%	57.69%	65.77%	73.85%	81.92%	90.00%	92.50%
Projected Dividends (M)	7.29	8.66	10.07	11.54	13.06	14.65	15.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Year 1 PV (M)	8.01	8.08	8.16
Year 2 PV (M)	8.61	8.79	8.96
Year 3 PV (M)	9.13	9.40	9.68
Year 4 PV (M)	9.56	9.94	10.34
Year 5 PV (M)	9.91	10.41	10.93
PV of Terminal Value (M)	258.23	271.27	284.82
Equity Value (M)	303.45	317.89	332.90
Shares Outstanding (M)	12.16	12.16	12.16
Fair Value	$24.96	$26.15	$27.38
Upside / Downside	-4.72%	-0.19%	4.52%

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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%
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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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Stratec SE (0RAR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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