DDM Analysis: 0REZ.L

Valuation Snapshot

Stable Growth	$133.69 - $642.99	$289.41
Multi-Stage	$71.21 - $77.91	$74.50
Blended Fair Value	$181.95
Current Price	$177.40
Upside	2.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2016
DPS	-0.36%	-2.68%	0.50	1.20	1.99	1.50	0.46	0.51	0.44	0.30	2.27	2.42
YoY Growth	-	-	-58.22%	-39.92%	32.79%	225.62%	-9.50%	16.73%	45.36%	-86.78%	-6.14%	268.63%
Dividend Yield	-	-	0.35%	1.09%	2.13%	0.57%	0.29%	0.71%	0.72%	0.79%	5.77%	9.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	394.00
(-) Cash Dividends Paid (M)	91.00
(=) Cash Retained (M)	303.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.80	49.25	29.55
Cash Retained (M)	303.00	303.00	303.00
(-) Cash Required (M)	-78.80	-49.25	-29.55
(=) Excess Retained (M)	224.20	253.75	273.45
(/) Shares Outstanding (M)	121.86	121.86	121.86
(=) Excess Retained per Share	1.84	2.08	2.24
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	1.84	2.08	2.24
(=) Adjusted Dividend	2.59	2.83	2.99
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$133.69	$289.41	$642.99
Upside / Downside	-24.64%	63.14%	262.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	394.00	419.61	446.88	475.93	506.87	539.81	556.01
Payout Ratio	23.10%	36.48%	49.86%	63.24%	76.62%	90.00%	92.50%
Projected Dividends (M)	91.00	153.06	222.81	300.97	388.36	485.83	514.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	140.99	142.33	143.67
Year 2 PV (M)	189.05	192.66	196.29
Year 3 PV (M)	235.24	241.99	248.87
Year 4 PV (M)	279.61	290.36	301.42
Year 5 PV (M)	322.20	337.77	353.92
PV of Terminal Value (M)	7,511.21	7,874.01	8,250.69
Equity Value (M)	8,678.31	9,079.11	9,494.86
Shares Outstanding (M)	121.86	121.86	121.86
Fair Value	$71.21	$74.50	$77.91
Upside / Downside	-59.86%	-58.00%	-56.08%

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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%
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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%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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AddLife AB (publ) (0REZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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