DDM Analysis: 0H68.L

Valuation Snapshot

Stable Growth	$164.72 - $406.29	$246.18
Multi-Stage	$172.17 - $188.75	$180.30
Blended Fair Value	$213.24
Current Price	$111.70
Upside	90.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.11%	5.21%	1.99	1.77	1.79	1.57	1.41	1.41	1.45	1.21	1.21	1.20
YoY Growth	-	-	12.53%	-1.33%	14.50%	11.18%	-0.26%	-2.77%	19.97%	0.46%	0.30%	0.31%
Dividend Yield	-	-	1.79%	2.08%	2.78%	2.43%	2.75%	4.13%	2.91%	2.77%	3.33%	3.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,169.00
(-) Cash Dividends Paid (M)	1,173.00
(=) Cash Retained (M)	2,996.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	833.80	521.13	312.68
Cash Retained (M)	2,996.00	2,996.00	2,996.00
(-) Cash Required (M)	-833.80	-521.13	-312.68
(=) Excess Retained (M)	2,162.20	2,474.88	2,683.33
(/) Shares Outstanding (M)	545.58	545.58	545.58
(=) Excess Retained per Share	3.96	4.54	4.92
LTM Dividend per Share	2.15	2.15	2.15
(+) Excess Retained per Share	3.96	4.54	4.92
(=) Adjusted Dividend	6.11	6.69	7.07
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	3.21%	4.21%	5.21%
Fair Value	$164.72	$246.18	$406.29
Upside / Downside	47.47%	120.39%	263.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,169.00	4,344.60	4,527.59	4,718.29	4,917.03	5,124.13	5,277.85
Payout Ratio	28.14%	40.51%	52.88%	65.25%	77.63%	90.00%	92.50%
Projected Dividends (M)	1,173.00	1,759.95	2,394.27	3,078.90	3,816.95	4,611.72	4,882.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	3.21%	4.21%	5.21%
Year 1 PV (M)	1,628.39	1,644.16	1,659.94
Year 2 PV (M)	2,049.68	2,089.59	2,129.89
Year 3 PV (M)	2,438.74	2,510.31	2,583.28
Year 4 PV (M)	2,797.33	2,907.33	3,020.54
Year 5 PV (M)	3,127.13	3,281.59	3,442.09
PV of Terminal Value (M)	81,892.97	85,937.81	90,140.93
Equity Value (M)	93,934.24	98,370.80	102,976.65
Shares Outstanding (M)	545.58	545.58	545.58
Fair Value	$172.17	$180.30	$188.75
Upside / Downside	54.14%	61.42%	68.98%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
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PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
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ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
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Aflac Incorporated (0H68.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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