DDM Analysis: SXS.L

Valuation Snapshot

Stable Growth	$29.17 - $44.41	$36.32
Multi-Stage	$50.57 - $55.50	$52.99
Blended Fair Value	$44.65
Current Price	$38.38
Upside	16.34%
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	2.17%	4.41%	0.79	0.79	0.77	0.78	0.25	0.71	0.67	0.62	0.59	0.56
YoY Growth	-	-	1.00%	1.40%	-0.51%	209.80%	-64.73%	6.01%	7.91%	5.69%	5.10%	8.80%
Dividend Yield	-	-	3.16%	2.11%	2.58%	2.13%	0.89%	2.45%	2.95%	2.52%	2.55%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	332.00
(-) Cash Dividends Paid (M)	162.70
(=) Cash Retained (M)	169.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.40	41.50	24.90
Cash Retained (M)	169.30	169.30	169.30
(-) Cash Required (M)	-66.40	-41.50	-24.90
(=) Excess Retained (M)	102.90	127.80	144.40
(/) Shares Outstanding (M)	101.43	101.43	101.43
(=) Excess Retained per Share	1.01	1.26	1.42
LTM Dividend per Share	1.60	1.60	1.60
(+) Excess Retained per Share	1.01	1.26	1.42
(=) Adjusted Dividend	2.62	2.86	3.03
WACC / Discount Rate	7.90%	7.90%	7.90%
Growth Rate	-0.98%	0.02%	1.02%
Fair Value	$29.17	$36.32	$44.41
Upside / Downside	-23.99%	-5.37%	15.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	332.00	332.06	332.11	332.17	332.23	332.29	342.25
Payout Ratio	49.01%	57.20%	65.40%	73.60%	81.80%	90.00%	92.50%
Projected Dividends (M)	162.70	189.95	217.21	244.49	271.77	299.06	316.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.90%	7.90%	7.90%
Growth Rate	-0.98%	0.02%	1.02%
Year 1 PV (M)	174.28	176.04	177.80
Year 2 PV (M)	182.84	186.56	190.30
Year 3 PV (M)	188.82	194.59	200.49
Year 4 PV (M)	192.56	200.46	208.60
Year 5 PV (M)	194.41	204.43	214.86
PV of Terminal Value (M)	4,196.04	4,412.25	4,637.28
Equity Value (M)	5,128.95	5,374.33	5,629.33
Shares Outstanding (M)	101.43	101.43	101.43
Fair Value	$50.57	$52.99	$55.50
Upside / Downside	31.76%	38.06%	44.61%

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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%
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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%
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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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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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Spectris plc (SXS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener