DDM Analysis: 4260.SR

Valuation Snapshot

Stable Growth	$84.65 - $186.27	$121.76
Multi-Stage	$96.77 - $106.09	$101.35
Blended Fair Value	$111.55
Current Price	$72.40
Upside	54.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.66%	4.48%	1.38	1.85	1.66	1.71	0.92	1.84	1.38	0.99	0.99	0.90
YoY Growth	-	-	-25.34%	11.17%	-2.71%	85.03%	-50.00%	33.33%	40.00%	0.00%	10.29%	0.74%
Dividend Yield	-	-	1.71%	2.13%	2.85%	3.30%	2.10%	6.76%	4.26%	2.54%	3.99%	3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	342.10
(-) Cash Dividends Paid (M)	113.44
(=) Cash Retained (M)	228.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.42	42.76	25.66
Cash Retained (M)	228.65	228.65	228.65
(-) Cash Required (M)	-68.42	-42.76	-25.66
(=) Excess Retained (M)	160.23	185.89	203.00
(/) Shares Outstanding (M)	77.15	77.15	77.15
(=) Excess Retained per Share	2.08	2.41	2.63
LTM Dividend per Share	1.47	1.47	1.47
(+) Excess Retained per Share	2.08	2.41	2.63
(=) Adjusted Dividend	3.55	3.88	4.10
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	2.80%	3.80%	4.80%
Fair Value	$84.65	$121.76	$186.27
Upside / Downside	16.93%	68.17%	157.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	342.10	355.10	368.59	382.60	397.14	412.24	424.61
Payout Ratio	33.16%	44.53%	55.90%	67.26%	78.63%	90.00%	92.50%
Projected Dividends (M)	113.44	158.12	206.03	257.36	312.28	371.01	392.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	2.80%	3.80%	4.80%
Year 1 PV (M)	146.21	147.63	149.05
Year 2 PV (M)	176.15	179.59	183.07
Year 3 PV (M)	203.45	209.44	215.55
Year 4 PV (M)	228.27	237.28	246.55
Year 5 PV (M)	250.76	263.19	276.12
PV of Terminal Value (M)	6,461.40	6,781.84	7,114.87
Equity Value (M)	7,466.22	7,818.97	8,185.22
Shares Outstanding (M)	77.15	77.15	77.15
Fair Value	$96.77	$101.35	$106.09
Upside / Downside	33.67%	39.98%	46.54%

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United International Transportation Company (4260.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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