DDM Analysis: WRT1V.HE

Valuation Snapshot

Stable Growth	$153.10 - $180.52	$169.11
Multi-Stage	$91.43 - $100.72	$95.98
Blended Fair Value	$132.55
Current Price	$20.04
Upside	561.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.34%	-0.84%	0.33	0.26	0.24	0.20	0.48	0.48	0.46	0.45	0.42	0.41
YoY Growth	-	-	26.80%	6.99%	20.17%	-58.25%	0.35%	3.65%	3.79%	5.60%	3.31%	14.69%
Dividend Yield	-	-	2.00%	1.82%	2.78%	2.42%	5.39%	7.17%	3.14%	2.48%	2.52%	3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	561.00
(-) Cash Dividends Paid (M)	227.00
(=) Cash Retained (M)	334.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	112.20	70.13	42.08
Cash Retained (M)	334.00	334.00	334.00
(-) Cash Required (M)	-112.20	-70.13	-42.08
(=) Excess Retained (M)	221.80	263.88	291.93
(/) Shares Outstanding (M)	592.41	592.41	592.41
(=) Excess Retained per Share	0.37	0.45	0.49
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.37	0.45	0.49
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	1.04%	2.04%	3.04%
Fair Value	$153.10	$169.11	$180.52
Upside / Downside	663.96%	743.85%	800.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	561.00	572.46	584.15	596.08	608.25	620.67	639.29
Payout Ratio	40.46%	50.37%	60.28%	70.19%	80.09%	90.00%	92.50%
Projected Dividends (M)	227.00	288.35	352.11	418.36	487.17	558.61	591.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	1.04%	2.04%	3.04%
Year 1 PV (M)	281.27	284.05	286.84
Year 2 PV (M)	335.03	341.70	348.43
Year 3 PV (M)	388.29	399.94	411.81
Year 4 PV (M)	441.05	458.77	477.02
Year 5 PV (M)	493.31	518.21	544.11
PV of Terminal Value (M)	52,222.80	54,858.67	57,599.91
Equity Value (M)	54,161.77	56,861.35	59,668.12
Shares Outstanding (M)	592.41	592.41	592.41
Fair Value	$91.43	$95.98	$100.72
Upside / Downside	356.22%	378.96%	402.60%

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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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Wärtsilä Oyj Abp (WRT1V.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener