DDM Analysis: VC

Valuation Snapshot

Stable Growth	$73.95 - $105.02	$89.26
Multi-Stage	$108.66 - $119.52	$113.99
Blended Fair Value	$101.62
Current Price	$119.86
Upside	-15.21%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.04	62.61	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	1,300.00%	-99.94%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%	0.03%	63.93%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	309.00
(-) Cash Dividends Paid (M)	8.00
(=) Cash Retained (M)	301.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.80	38.63	23.18
Cash Retained (M)	301.00	301.00	301.00
(-) Cash Required (M)	-61.80	-38.63	-23.18
(=) Excess Retained (M)	239.20	262.38	277.83
(/) Shares Outstanding (M)	27.73	27.73	27.73
(=) Excess Retained per Share	8.63	9.46	10.02
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	8.63	9.46	10.02
(=) Adjusted Dividend	8.92	9.75	10.31
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$73.95	$89.26	$105.02
Upside / Downside	-38.30%	-25.53%	-12.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	309.00	305.91	302.85	299.82	296.82	293.86	302.67
Payout Ratio	2.59%	20.07%	37.55%	55.04%	72.52%	90.00%	92.50%
Projected Dividends (M)	8.00	61.40	113.73	165.01	215.25	264.47	279.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	55.35	55.91	56.48
Year 2 PV (M)	92.41	94.31	96.22
Year 3 PV (M)	120.86	124.60	128.41
Year 4 PV (M)	142.12	148.01	154.08
Year 5 PV (M)	157.40	165.60	174.13
PV of Terminal Value (M)	2,444.59	2,571.89	2,704.43
Equity Value (M)	3,012.73	3,160.31	3,313.75
Shares Outstanding (M)	27.73	27.73	27.73
Fair Value	$108.66	$113.99	$119.52
Upside / Downside	-9.34%	-4.90%	-0.28%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
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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Visteon Corporation (VC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener