DDM Analysis: ULS

Valuation Snapshot

Stable Growth	$25.70 - $48.49	$34.94
Multi-Stage	$30.86 - $33.82	$32.31
Blended Fair Value	$33.62
Current Price	$70.86
Upside	-52.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	70.21%	0.00%	0.49	3.35	7.89	0.99	0.04	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	-85.29%	-57.50%	700.00%	2,122.22%	28.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.87%	9.60%	22.59%	2.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	339.00
(-) Cash Dividends Paid (M)	103.00
(=) Cash Retained (M)	236.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.80	42.38	25.43
Cash Retained (M)	236.00	236.00	236.00
(-) Cash Required (M)	-67.80	-42.38	-25.43
(=) Excess Retained (M)	168.20	193.63	210.58
(/) Shares Outstanding (M)	202.75	202.75	202.75
(=) Excess Retained per Share	0.83	0.95	1.04
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.83	0.95	1.04
(=) Adjusted Dividend	1.34	1.46	1.55
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	2.39%	3.39%	4.39%
Fair Value	$25.70	$34.94	$48.49
Upside / Downside	-63.73%	-50.69%	-31.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	339.00	350.50	362.39	374.68	387.39	400.52	412.54
Payout Ratio	30.38%	42.31%	54.23%	66.15%	78.08%	90.00%	92.50%
Projected Dividends (M)	103.00	148.28	196.52	247.86	302.46	360.47	381.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	2.39%	3.39%	4.39%
Year 1 PV (M)	136.32	137.66	138.99
Year 2 PV (M)	166.10	169.36	172.65
Year 3 PV (M)	192.59	198.29	204.10
Year 4 PV (M)	216.06	224.63	233.44
Year 5 PV (M)	236.73	248.52	260.78
PV of Terminal Value (M)	5,308.23	5,572.56	5,847.31
Equity Value (M)	6,256.04	6,551.01	6,857.27
Shares Outstanding (M)	202.75	202.75	202.75
Fair Value	$30.86	$32.31	$33.82
Upside / Downside	-56.46%	-54.40%	-52.27%

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UL Solutions Inc. (ULS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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