DDM Analysis: BRO

Valuation Snapshot

Stable Growth	$106.34 - $507.09	$188.30
Multi-Stage	$64.01 - $70.01	$66.96
Blended Fair Value	$127.63
Current Price	$93.79
Upside	36.08%
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	11.01%	10.01%	0.52	0.45	0.40	0.36	0.34	0.31	0.28	0.26	0.24	0.21
YoY Growth	-	-	14.07%	12.50%	11.94%	6.56%	10.13%	7.86%	8.98%	10.60%	9.60%	8.05%
Dividend Yield	-	-	0.41%	0.52%	0.70%	0.50%	0.74%	0.84%	0.95%	1.02%	1.13%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	999.00
(-) Cash Dividends Paid (M)	180.00
(=) Cash Retained (M)	819.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	199.80	124.88	74.93
Cash Retained (M)	819.00	819.00	819.00
(-) Cash Required (M)	-199.80	-124.88	-74.93
(=) Excess Retained (M)	619.20	694.13	744.08
(/) Shares Outstanding (M)	298.50	298.50	298.50
(=) Excess Retained per Share	2.07	2.33	2.49
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	2.07	2.33	2.49
(=) Adjusted Dividend	2.68	2.93	3.10
WACC / Discount Rate	8.16%	8.16%	8.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$106.34	$188.30	$507.09
Upside / Downside	13.38%	100.77%	440.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	999.00	1,063.94	1,133.09	1,206.74	1,285.18	1,368.72	1,409.78
Payout Ratio	18.02%	32.41%	46.81%	61.21%	75.60%	90.00%	92.50%
Projected Dividends (M)	180.00	344.87	530.41	738.61	971.64	1,231.84	1,304.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.16%	8.16%	8.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	315.87	318.86	321.86
Year 2 PV (M)	444.95	453.43	461.98
Year 3 PV (M)	567.51	583.80	600.40
Year 4 PV (M)	683.77	710.07	737.11
Year 5 PV (M)	793.98	832.33	872.15
PV of Terminal Value (M)	16,300.93	17,088.27	17,905.75
Equity Value (M)	19,107.01	19,986.76	20,899.25
Shares Outstanding (M)	298.50	298.50	298.50
Fair Value	$64.01	$66.96	$70.01
Upside / Downside	-31.75%	-28.61%	-25.35%

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Brown & Brown, Inc. (BRO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener