DDM Analysis: 0J7X.L

Valuation Snapshot

Stable Growth	$564.90 - $2,011.79	$1,843.44
Multi-Stage	$256.14 - $280.26	$267.98
Blended Fair Value	$1,055.71
Current Price	$171.00
Upside	517.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.57%	4.01%	1.00	1.07	2.15	1.95	0.78	0.77	1.62	1.50	0.73	0.70
YoY Growth	-	-	-5.95%	-50.26%	10.07%	151.41%	1.32%	-52.86%	8.20%	106.79%	3.52%	3.42%
Dividend Yield	-	-	0.75%	1.04%	2.66%	1.54%	0.60%	1.46%	1.92%	1.67%	0.81%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.16
(-) Cash Dividends Paid (M)	17.73
(=) Cash Retained (M)	36.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.83	6.77	4.06
Cash Retained (M)	36.43	36.43	36.43
(-) Cash Required (M)	-10.83	-6.77	-4.06
(=) Excess Retained (M)	25.60	29.66	32.37
(/) Shares Outstanding (M)	5.35	5.35	5.35
(=) Excess Retained per Share	4.78	5.54	6.05
LTM Dividend per Share	3.31	3.31	3.31
(+) Excess Retained per Share	4.78	5.54	6.05
(=) Adjusted Dividend	8.09	8.85	9.36
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$564.90	$1,843.44	$2,011.79
Upside / Downside	230.35%	978.03%	1,076.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.16	57.68	61.43	65.42	69.68	74.21	76.43
Payout Ratio	32.74%	44.19%	55.64%	67.10%	78.55%	90.00%	92.50%
Projected Dividends (M)	17.73	25.49	34.18	43.90	54.73	66.78	70.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.60	23.82	24.04
Year 2 PV (M)	29.29	29.85	30.41
Year 3 PV (M)	34.82	35.82	36.84
Year 4 PV (M)	40.19	41.73	43.32
Year 5 PV (M)	45.40	47.59	49.87
PV of Terminal Value (M)	1,198.08	1,255.95	1,316.03
Equity Value (M)	1,371.38	1,434.77	1,500.52
Shares Outstanding (M)	5.35	5.35	5.35
Fair Value	$256.14	$267.98	$280.26
Upside / Downside	49.79%	56.71%	63.89%

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MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
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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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MBB SE (0J7X.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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