DDM Analysis: 0IPY.L

Valuation Snapshot

Stable Growth	$216.83 - $1,052.03	$465.47
Multi-Stage	$118.52 - $129.53	$123.93
Blended Fair Value	$294.70
Current Price	$50.10
Upside	488.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.36%	19.02%	1.21	1.24	1.30	0.69	0.62	0.68	0.52	0.50	0.37	0.25
YoY Growth	-	-	-1.99%	-4.79%	88.69%	11.81%	-9.04%	29.99%	3.67%	34.37%	48.24%	18.71%
Dividend Yield	-	-	2.69%	2.93%	2.66%	1.10%	1.79%	2.02%	1.85%	1.43%	1.41%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.09
(-) Cash Dividends Paid (M)	32.41
(=) Cash Retained (M)	35.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.62	8.51	5.11
Cash Retained (M)	35.68	35.68	35.68
(-) Cash Required (M)	-13.62	-8.51	-5.11
(=) Excess Retained (M)	22.06	27.17	30.57
(/) Shares Outstanding (M)	12.87	12.87	12.87
(=) Excess Retained per Share	1.71	2.11	2.38
LTM Dividend per Share	2.52	2.52	2.52
(+) Excess Retained per Share	1.71	2.11	2.38
(=) Adjusted Dividend	4.23	4.63	4.89
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$216.83	$465.47	$1,052.03
Upside / Downside	332.80%	829.09%	1,999.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.09	72.51	77.23	82.25	87.59	93.29	96.09
Payout Ratio	47.60%	56.08%	64.56%	73.04%	81.52%	90.00%	92.50%
Projected Dividends (M)	32.41	40.67	49.86	60.07	71.41	83.96	88.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	37.45	37.81	38.16
Year 2 PV (M)	42.29	43.10	43.91
Year 3 PV (M)	46.93	48.28	49.65
Year 4 PV (M)	51.38	53.35	55.38
Year 5 PV (M)	55.63	58.32	61.11
PV of Terminal Value (M)	1,291.84	1,354.24	1,419.03
Equity Value (M)	1,525.53	1,595.10	1,667.25
Shares Outstanding (M)	12.87	12.87	12.87
Fair Value	$118.52	$123.93	$129.53
Upside / Downside	136.57%	147.36%	158.54%

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MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
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BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
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PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
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BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
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Aubay S.A. (0IPY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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