DDM Analysis: 0K58.L

Valuation Snapshot

Stable Growth	$12.46 - $19.66	$15.75
Multi-Stage	$32.60 - $35.97	$34.25
Blended Fair Value	$25.00
Current Price	$15.51
Upside	61.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.52%	-9.39%	0.20	0.05	0.05	0.19	0.19	0.19	0.58	1.80	1.78	0.98
YoY Growth	-	-	290.00%	5.26%	-75.32%	1.32%	0.00%	-66.96%	-67.61%	1.00%	80.72%	86.12%
Dividend Yield	-	-	1.07%	0.26%	0.35%	2.01%	0.71%	0.53%	1.54%	4.76%	4.71%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	499.00
(-) Cash Dividends Paid (M)	79.00
(=) Cash Retained (M)	420.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.80	62.38	37.43
Cash Retained (M)	420.00	420.00	420.00
(-) Cash Required (M)	-99.80	-62.38	-37.43
(=) Excess Retained (M)	320.20	357.63	382.58
(/) Shares Outstanding (M)	395.50	395.50	395.50
(=) Excess Retained per Share	0.81	0.90	0.97
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.81	0.90	0.97
(=) Adjusted Dividend	1.01	1.10	1.17
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	-2.18%	-1.18%	-0.18%
Fair Value	$12.46	$15.75	$19.66
Upside / Downside	-19.69%	1.54%	26.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	499.00	493.09	487.25	481.48	475.78	470.15	484.25
Payout Ratio	15.83%	30.67%	45.50%	60.33%	75.17%	90.00%	92.50%
Projected Dividends (M)	79.00	151.21	221.69	290.49	357.63	423.13	447.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	-2.18%	-1.18%	-0.18%
Year 1 PV (M)	141.55	143.00	144.44
Year 2 PV (M)	194.28	198.27	202.30
Year 3 PV (M)	238.30	245.69	253.22
Year 4 PV (M)	274.64	286.04	297.80
Year 5 PV (M)	304.19	320.06	336.58
PV of Terminal Value (M)	11,741.93	12,354.53	12,992.44
Equity Value (M)	12,894.89	13,547.59	14,226.80
Shares Outstanding (M)	395.50	395.50	395.50
Fair Value	$32.60	$34.25	$35.97
Upside / Downside	110.21%	120.85%	131.93%

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FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
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MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
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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%
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NOV Inc. (0K58.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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