DDM Analysis: 0QQZ.L

Valuation Snapshot

Stable Growth	$653.82 - $1,005.97	$817.75
Multi-Stage	$1,409.53 - $1,553.83	$1,480.26
Blended Fair Value	$1,149.00
Current Price	$482.00
Upside	138.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.22%	0.00%	12.01	17.01	17.01	16.01	16.02	14.90	16.29	13.96	13.96	13.96
YoY Growth	-	-	-29.41%	0.00%	6.26%	-0.08%	7.52%	-8.52%	16.66%	0.01%	0.00%	0.00%
Dividend Yield	-	-	2.75%	3.46%	3.54%	3.68%	3.86%	3.31%	3.55%	2.90%	3.54%	3.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	427.95
(-) Cash Dividends Paid (M)	50.89
(=) Cash Retained (M)	377.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.59	53.49	32.10
Cash Retained (M)	377.06	377.06	377.06
(-) Cash Required (M)	-85.59	-53.49	-32.10
(=) Excess Retained (M)	291.47	323.56	344.96
(/) Shares Outstanding (M)	5.98	5.98	5.98
(=) Excess Retained per Share	48.72	54.08	57.66
LTM Dividend per Share	8.51	8.51	8.51
(+) Excess Retained per Share	48.72	54.08	57.66
(=) Adjusted Dividend	57.23	62.59	66.17
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$653.82	$817.75	$1,005.97
Upside / Downside	35.65%	69.66%	108.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	427.95	423.67	419.44	415.24	411.09	406.98	419.19
Payout Ratio	11.89%	27.51%	43.14%	58.76%	74.38%	90.00%	92.50%
Projected Dividends (M)	50.89	116.57	180.93	243.98	305.76	366.28	387.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	108.27	109.37	110.48
Year 2 PV (M)	156.08	159.28	162.52
Year 3 PV (M)	195.50	201.54	207.71
Year 4 PV (M)	227.55	236.99	246.71
Year 5 PV (M)	253.19	266.37	280.10
PV of Terminal Value (M)	7,492.24	7,882.38	8,288.61
Equity Value (M)	8,432.83	8,855.94	9,296.12
Shares Outstanding (M)	5.98	5.98	5.98
Fair Value	$1,409.53	$1,480.26	$1,553.83
Upside / Downside	192.43%	207.11%	222.37%

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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%
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%
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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%
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%
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BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
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St. Galler Kantonalbank AG (0QQZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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