DDM Analysis: 0Y5C.L

Valuation Snapshot

Stable Growth	$357.73 - $1,463.32	$931.75
Multi-Stage	$192.25 - $210.50	$201.21
Blended Fair Value	$566.48
Current Price	$177.42
Upside	219.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.67%	18.73%	1.93	1.83	1.66	1.49	1.35	1.16	0.92	0.70	0.53	0.44
YoY Growth	-	-	5.23%	10.28%	11.55%	9.97%	16.60%	26.70%	30.38%	32.39%	20.10%	27.67%
Dividend Yield	-	-	1.50%	1.40%	1.58%	1.33%	1.09%	1.38%	0.99%	0.84%	0.77%	0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	640.40
(-) Cash Dividends Paid (M)	171.83
(=) Cash Retained (M)	468.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	128.08	80.05	48.03
Cash Retained (M)	468.57	468.57	468.57
(-) Cash Required (M)	-128.08	-80.05	-48.03
(=) Excess Retained (M)	340.49	388.52	420.54
(/) Shares Outstanding (M)	86.70	86.70	86.70
(=) Excess Retained per Share	3.93	4.48	4.85
LTM Dividend per Share	1.98	1.98	1.98
(+) Excess Retained per Share	3.93	4.48	4.85
(=) Adjusted Dividend	5.91	6.46	6.83
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.09%	6.09%	7.09%
Fair Value	$357.73	$931.75	$1,463.32
Upside / Downside	101.63%	425.16%	724.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	640.40	679.38	720.73	764.60	811.13	860.50	886.32
Payout Ratio	26.83%	39.47%	52.10%	64.73%	77.37%	90.00%	92.50%
Projected Dividends (M)	171.83	268.12	375.49	494.94	627.54	774.45	819.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.09%	6.09%	7.09%
Year 1 PV (M)	248.63	250.99	253.36
Year 2 PV (M)	322.89	329.06	335.29
Year 3 PV (M)	394.67	406.04	417.63
Year 4 PV (M)	464.03	481.94	500.37
Year 5 PV (M)	531.03	556.78	583.52
PV of Terminal Value (M)	14,706.76	15,419.95	16,160.54
Equity Value (M)	16,667.99	17,444.77	18,250.72
Shares Outstanding (M)	86.70	86.70	86.70
Fair Value	$192.25	$201.21	$210.50
Upside / Downside	8.36%	13.41%	18.65%

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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%
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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%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Allegion plc (0Y5C.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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