DDM Analysis: AHL

Valuation Snapshot

Stable Growth	$61.62 - $97.92	$78.14
Multi-Stage	$95.33 - $104.82	$99.98
Blended Fair Value	$89.06
Current Price	$36.71
Upside	142.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	14.51%	2.57	0.53	0.53	0.00	0.00	0.00	0.56	0.74	0.69	0.67
YoY Growth	-	-	383.87%	0.75%	0.00%	0.00%	0.00%	-100.00%	-23.67%	6.64%	3.54%	1.19%
Dividend Yield	-	-	7.90%	1.63%	1.62%	0.00%	0.00%	0.00%	1.74%	2.28%	2.13%	2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	453.90
(-) Cash Dividends Paid (M)	31.00
(=) Cash Retained (M)	422.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.78	56.74	34.04
Cash Retained (M)	422.90	422.90	422.90
(-) Cash Required (M)	-90.78	-56.74	-34.04
(=) Excess Retained (M)	332.12	366.16	388.86
(/) Shares Outstanding (M)	75.96	75.96	75.96
(=) Excess Retained per Share	4.37	4.82	5.12
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	4.37	4.82	5.12
(=) Adjusted Dividend	4.78	5.23	5.53
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	0.00%	1.00%	2.00%
Fair Value	$61.62	$78.14	$97.92
Upside / Downside	67.85%	112.87%	166.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	453.90	458.45	463.05	467.70	472.39	477.13	491.44
Payout Ratio	6.83%	23.46%	40.10%	56.73%	73.37%	90.00%	92.50%
Projected Dividends (M)	31.00	107.57	185.67	265.33	346.57	429.41	454.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	0.00%	1.00%	2.00%
Year 1 PV (M)	98.83	99.82	100.81
Year 2 PV (M)	156.74	159.89	163.07
Year 3 PV (M)	205.80	212.04	218.40
Year 4 PV (M)	246.98	257.01	267.34
Year 5 PV (M)	281.17	295.51	310.43
PV of Terminal Value (M)	6,251.98	6,570.89	6,902.67
Equity Value (M)	7,241.51	7,595.16	7,962.73
Shares Outstanding (M)	75.96	75.96	75.96
Fair Value	$95.33	$99.98	$104.82
Upside / Downside	159.68%	172.36%	185.54%

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ASPEN INSURANCE HOLDINGS LTD (AHL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener