DDM Analysis: 0RV0.L

Valuation Snapshot

Stable Growth	$467.20 - $1,458.55	$1,366.88
Multi-Stage	$196.69 - $215.17	$205.76
Blended Fair Value	$786.32
Current Price	$146.60
Upside	436.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.24%	17.81%	1.00	1.00	0.80	0.56	0.54	0.45	0.37	0.31	0.27	0.24
YoY Growth	-	-	0.00%	25.26%	42.32%	4.07%	19.37%	22.41%	19.06%	13.58%	13.47%	23.78%
Dividend Yield	-	-	0.65%	0.84%	0.75%	0.31%	0.57%	0.65%	0.82%	0.67%	0.92%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	273.65
(-) Cash Dividends Paid (M)	117.46
(=) Cash Retained (M)	156.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.73	34.21	20.52
Cash Retained (M)	156.19	156.19	156.19
(-) Cash Required (M)	-54.73	-34.21	-20.52
(=) Excess Retained (M)	101.46	121.98	135.67
(/) Shares Outstanding (M)	37.31	37.31	37.31
(=) Excess Retained per Share	2.72	3.27	3.64
LTM Dividend per Share	3.15	3.15	3.15
(+) Excess Retained per Share	2.72	3.27	3.64
(=) Adjusted Dividend	5.87	6.42	6.78
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$467.20	$1,366.88	$1,458.55
Upside / Downside	218.69%	832.38%	894.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	273.65	291.44	310.38	330.55	352.04	374.92	386.17
Payout Ratio	42.92%	52.34%	61.75%	71.17%	80.58%	90.00%	92.50%
Projected Dividends (M)	117.46	152.53	191.67	235.25	283.69	337.43	357.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	141.45	142.79	144.13
Year 2 PV (M)	164.82	167.96	171.13
Year 3 PV (M)	187.60	192.98	198.47
Year 4 PV (M)	209.78	217.85	226.15
Year 5 PV (M)	231.39	242.56	254.17
PV of Terminal Value (M)	6,404.05	6,713.37	7,034.53
Equity Value (M)	7,339.09	7,677.51	8,028.57
Shares Outstanding (M)	37.31	37.31	37.31
Fair Value	$196.69	$205.76	$215.17
Upside / Downside	34.17%	40.36%	46.77%

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MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
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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%
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ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
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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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Reply S.p.A. (0RV0.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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