DDM Analysis: 0R3I.L

Valuation Snapshot

Stable Growth	$202.25 - $1,113.90	$390.27
Multi-Stage	$114.91 - $125.72	$120.22
Blended Fair Value	$255.25
Current Price	$98.25
Upside	159.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.61%	25.05%	2.49	2.70	2.54	1.09	0.82	0.68	0.51	0.46	0.39	0.16
YoY Growth	-	-	-7.93%	6.19%	133.53%	32.06%	21.30%	33.33%	10.96%	17.90%	144.44%	-40.02%
Dividend Yield	-	-	3.15%	3.74%	3.66%	0.81%	0.32%	0.51%	0.59%	1.02%	1.02%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	890.00
(-) Cash Dividends Paid (M)	173.20
(=) Cash Retained (M)	716.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	178.00	111.25	66.75
Cash Retained (M)	716.80	716.80	716.80
(-) Cash Required (M)	-178.00	-111.25	-66.75
(=) Excess Retained (M)	538.80	605.55	650.05
(/) Shares Outstanding (M)	158.90	158.90	158.90
(=) Excess Retained per Share	3.39	3.81	4.09
LTM Dividend per Share	1.09	1.09	1.09
(+) Excess Retained per Share	3.39	3.81	4.09
(=) Adjusted Dividend	4.48	4.90	5.18
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$202.25	$390.27	$1,113.90
Upside / Downside	105.85%	297.23%	1,033.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	890.00	947.85	1,009.46	1,075.08	1,144.96	1,219.38	1,255.96
Payout Ratio	19.46%	33.57%	47.68%	61.78%	75.89%	90.00%	92.50%
Projected Dividends (M)	173.20	318.18	481.27	664.23	868.93	1,097.44	1,161.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	292.28	295.05	297.82
Year 2 PV (M)	406.12	413.86	421.67
Year 3 PV (M)	514.89	529.67	544.73
Year 4 PV (M)	618.76	642.55	667.03
Year 5 PV (M)	717.87	752.55	788.55
PV of Terminal Value (M)	15,709.96	16,468.75	17,256.59
Equity Value (M)	18,259.88	19,102.43	19,976.39
Shares Outstanding (M)	158.90	158.90	158.90
Fair Value	$114.91	$120.22	$125.72
Upside / Downside	16.96%	22.36%	27.96%

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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
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Scatec ASA (0R3I.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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