DDM Analysis: 0HRJ.L

Valuation Snapshot

Stable Growth	$22.38 - $41.20	$30.14
Multi-Stage	$28.81 - $31.59	$30.18
Blended Fair Value	$30.16
Current Price	$35.51
Upside	-15.07%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.04%	3.99%	0.49	0.47	0.45	0.44	0.42	0.40	0.40	0.38	0.36	0.36
YoY Growth	-	-	5.44%	3.52%	1.55%	5.27%	4.46%	1.60%	6.07%	4.12%	-0.87%	9.06%
Dividend Yield	-	-	1.67%	1.27%	1.51%	1.19%	1.31%	2.12%	1.56%	2.02%	2.32%	4.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,881.00
(-) Cash Dividends Paid (M)	960.00
(=) Cash Retained (M)	1,921.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	576.20	360.13	216.08
Cash Retained (M)	1,921.00	1,921.00	1,921.00
(-) Cash Required (M)	-576.20	-360.13	-216.08
(=) Excess Retained (M)	1,344.80	1,560.88	1,704.93
(/) Shares Outstanding (M)	1,887.25	1,887.25	1,887.25
(=) Excess Retained per Share	0.71	0.83	0.90
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.71	0.83	0.90
(=) Adjusted Dividend	1.22	1.34	1.41
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	1.99%	2.99%	3.99%
Fair Value	$22.38	$30.14	$41.20
Upside / Downside	-36.96%	-15.12%	16.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,881.00	2,967.08	3,055.74	3,147.05	3,241.08	3,337.92	3,438.06
Payout Ratio	33.32%	44.66%	55.99%	67.33%	78.66%	90.00%	92.50%
Projected Dividends (M)	960.00	1,325.02	1,711.00	2,118.87	2,549.57	3,004.13	3,180.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	1.99%	2.99%	3.99%
Year 1 PV (M)	1,220.02	1,231.98	1,243.94
Year 2 PV (M)	1,450.56	1,479.15	1,508.01
Year 3 PV (M)	1,653.99	1,703.12	1,753.22
Year 4 PV (M)	1,832.48	1,905.42	1,980.51
Year 5 PV (M)	1,988.08	2,087.48	2,190.81
PV of Terminal Value (M)	46,232.70	48,544.16	50,947.17
Equity Value (M)	54,377.84	56,951.31	59,623.66
Shares Outstanding (M)	1,887.25	1,887.25	1,887.25
Fair Value	$28.81	$30.18	$31.59
Upside / Downside	-18.86%	-15.02%	-11.03%

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MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
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HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
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%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
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%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
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%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
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%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

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CSX Corporation (0HRJ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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