DDM Analysis: WTC.AX

Valuation Snapshot

Stable Growth	$35.13 - $79.71	$51.06
Multi-Stage	$25.14 - $27.46	$26.28
Blended Fair Value	$38.67
Current Price	$109.03
Upside	-64.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	42.01%	41.29%	0.19	0.16	0.12	0.08	0.04	0.03	0.03	0.02	0.01	0.01
YoY Growth	-	-	21.44%	26.92%	56.98%	100.76%	18.92%	23.86%	48.48%	105.52%	-22.97%	88.58%
Dividend Yield	-	-	0.18%	0.17%	0.16%	0.21%	0.12%	0.17%	0.09%	0.12%	0.13%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	577.99
(-) Cash Dividends Paid (M)	118.86
(=) Cash Retained (M)	459.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	115.60	72.25	43.35
Cash Retained (M)	459.13	459.13	459.13
(-) Cash Required (M)	-115.60	-72.25	-43.35
(=) Excess Retained (M)	343.53	386.88	415.78
(/) Shares Outstanding (M)	333.80	333.80	333.80
(=) Excess Retained per Share	1.03	1.16	1.25
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	1.03	1.16	1.25
(=) Adjusted Dividend	1.39	1.52	1.60
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.13	$51.06	$79.71
Upside / Downside	-67.78%	-53.17%	-26.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	577.99	615.56	655.57	698.18	743.56	791.90	815.65
Payout Ratio	20.57%	34.45%	48.34%	62.23%	76.11%	90.00%	92.50%
Projected Dividends (M)	118.86	212.07	316.90	434.45	565.95	712.71	754.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	191.58	193.39	195.21
Year 2 PV (M)	258.60	263.52	268.50
Year 3 PV (M)	320.26	329.46	338.82
Year 4 PV (M)	376.87	391.37	406.27
Year 5 PV (M)	428.73	449.44	470.94
PV of Terminal Value (M)	6,814.69	7,143.85	7,485.60
Equity Value (M)	8,390.73	8,771.02	9,165.33
Shares Outstanding (M)	333.80	333.80	333.80
Fair Value	$25.14	$26.28	$27.46
Upside / Downside	-76.94%	-75.90%	-74.82%

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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%
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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%
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WiseTech Global Limited (WTC.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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