DDM Analysis: 0YQA.L

Valuation Snapshot

Stable Growth	$98.66 - $116.24	$108.94
Multi-Stage	$74.54 - $81.80	$78.10
Blended Fair Value	$93.52
Current Price	$22.85
Upside	309.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.43%	0.00%	0.19	0.16	0.13	0.11	0.11	0.09	0.27	0.13	0.18	0.04
YoY Growth	-	-	18.75%	20.03%	25.08%	0.07%	19.90%	-66.69%	100.00%	-25.00%	300.00%	0.00%
Dividend Yield	-	-	1.14%	0.79%	0.55%	0.47%	0.58%	0.76%	2.66%	1.66%	2.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.26
(-) Cash Dividends Paid (M)	18.62
(=) Cash Retained (M)	46.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.05	8.16	4.89
Cash Retained (M)	46.65	46.65	46.65
(-) Cash Required (M)	-13.05	-8.16	-4.89
(=) Excess Retained (M)	33.59	38.49	41.75
(/) Shares Outstanding (M)	111.65	111.65	111.65
(=) Excess Retained per Share	0.30	0.34	0.37
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.30	0.34	0.37
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	0.15%	0.15%	0.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.66	$108.94	$116.24
Upside / Downside	331.79%	376.74%	408.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.26	69.50	74.02	78.83	83.96	89.41	92.10
Payout Ratio	28.52%	40.82%	53.11%	65.41%	77.70%	90.00%	92.50%
Projected Dividends (M)	18.62	28.37	39.32	51.56	65.24	80.47	85.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.15%	0.15%	0.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.06	28.33	28.60
Year 2 PV (M)	38.47	39.20	39.94
Year 3 PV (M)	49.91	51.34	52.80
Year 4 PV (M)	62.46	64.86	67.33
Year 5 PV (M)	76.21	79.89	83.71
PV of Terminal Value (M)	8,067.18	8,456.83	8,861.39
Equity Value (M)	8,322.28	8,720.44	9,133.76
Shares Outstanding (M)	111.65	111.65	111.65
Fair Value	$74.54	$78.10	$81.80
Upside / Downside	226.20%	241.81%	258.01%

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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%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
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%

Financial Statements

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Carel Industries S.p.A. (0YQA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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