DDM Analysis: 0QMR.L

Valuation Snapshot

Stable Growth	$1,172.41 - $5,132.69	$2,803.99
Multi-Stage	$741.72 - $811.40	$775.92
Blended Fair Value	$1,789.96
Current Price	$808.00
Upside	121.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.20%	10.11%	8.50	8.50	8.50	7.50	7.50	5.00	4.25	3.75	3.25	3.25
YoY Growth	-	-	0.00%	0.01%	13.32%	0.00%	50.00%	17.68%	13.37%	15.41%	0.00%	0.07%
Dividend Yield	-	-	1.42%	1.83%	1.93%	1.29%	1.95%	1.37%	2.14%	1.76%	2.11%	2.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	319.89
(-) Cash Dividends Paid (M)	221.39
(=) Cash Retained (M)	98.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.98	39.99	23.99
Cash Retained (M)	98.50	98.50	98.50
(-) Cash Required (M)	-63.98	-39.99	-23.99
(=) Excess Retained (M)	34.52	58.51	74.51
(/) Shares Outstanding (M)	12.30	12.30	12.30
(=) Excess Retained per Share	2.81	4.76	6.06
LTM Dividend per Share	18.00	18.00	18.00
(+) Excess Retained per Share	2.81	4.76	6.06
(=) Adjusted Dividend	20.81	22.76	24.06
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$1,172.41	$2,803.99	$5,132.69
Upside / Downside	45.10%	247.03%	535.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	319.89	338.07	357.27	377.57	399.03	421.70	434.35
Payout Ratio	69.21%	73.37%	77.52%	81.68%	85.84%	90.00%	92.50%
Projected Dividends (M)	221.39	248.03	276.98	308.41	342.53	379.53	401.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	230.60	232.80	235.01
Year 2 PV (M)	239.42	244.02	248.66
Year 3 PV (M)	247.87	255.04	262.35
Year 4 PV (M)	255.94	265.86	276.07
Year 5 PV (M)	263.66	276.50	289.83
PV of Terminal Value (M)	7,886.00	8,269.93	8,668.67
Equity Value (M)	9,123.49	9,544.15	9,980.58
Shares Outstanding (M)	12.30	12.30	12.30
Fair Value	$741.72	$775.92	$811.40
Upside / Downside	-8.20%	-3.97%	0.42%

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FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
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MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
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VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
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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%
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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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BELIMO Holding AG (0QMR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener