DDM Analysis: TRAC-B.ST

Valuation Snapshot

Stable Growth	$566.69 - $2,172.98	$1,623.11
Multi-Stage	$278.99 - $304.65	$291.59
Blended Fair Value	$957.35
Current Price	$253.00
Upside	278.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.78%	15.56%	10.45	8.80	4.85	2.00	4.20	3.60	2.75	2.15	2.55	2.01
YoY Growth	-	-	18.74%	81.59%	142.23%	-52.33%	16.73%	30.71%	27.99%	-15.65%	26.94%	-18.41%
Dividend Yield	-	-	3.90%	3.30%	1.98%	0.78%	2.06%	2.28%	1.44%	1.34%	1.48%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	161.60
(-) Cash Dividends Paid (M)	133.10
(=) Cash Retained (M)	28.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.32	20.20	12.12
Cash Retained (M)	28.50	28.50	28.50
(-) Cash Required (M)	-32.32	-20.20	-12.12
(=) Excess Retained (M)	-3.82	8.30	16.38
(/) Shares Outstanding (M)	14.79	14.79	14.79
(=) Excess Retained per Share	-0.26	0.56	1.11
LTM Dividend per Share	9.00	9.00	9.00
(+) Excess Retained per Share	-0.26	0.56	1.11
(=) Adjusted Dividend	8.74	9.56	10.11
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$566.69	$1,623.11	$2,172.98
Upside / Downside	123.99%	541.55%	758.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	161.60	172.10	183.29	195.20	207.89	221.41	228.05
Payout Ratio	82.36%	83.89%	85.42%	86.95%	88.47%	90.00%	92.50%
Projected Dividends (M)	133.10	144.38	156.56	169.72	183.93	199.27	210.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	133.51	134.77	136.04
Year 2 PV (M)	133.87	136.42	139.00
Year 3 PV (M)	134.20	138.05	141.98
Year 4 PV (M)	134.48	139.65	144.97
Year 5 PV (M)	134.72	141.23	147.99
PV of Terminal Value (M)	3,455.53	3,622.43	3,795.72
Equity Value (M)	4,126.31	4,312.56	4,505.69
Shares Outstanding (M)	14.79	14.79	14.79
Fair Value	$278.99	$291.59	$304.65
Upside / Downside	10.27%	15.25%	20.41%

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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%
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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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AB Traction (TRAC-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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