DDM Analysis: 0K58.L

Valuation Snapshot

Stable Growth	$12.46 - $19.66	$15.75
Multi-Stage	$32.60 - $35.97	$34.25
Blended Fair Value	$25.00
Current Price	$15.51
Upside	61.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.52%	-9.39%	0.20	0.05	0.05	0.19	0.19	0.19	0.58	1.80	1.78	0.98
YoY Growth	-	-	290.00%	5.26%	-75.32%	1.32%	0.00%	-66.96%	-67.61%	1.00%	80.72%	86.12%
Dividend Yield	-	-	1.07%	0.26%	0.35%	2.01%	0.71%	0.53%	1.54%	4.76%	4.71%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	499.00
(-) Cash Dividends Paid (M)	79.00
(=) Cash Retained (M)	420.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.80	62.38	37.43
Cash Retained (M)	420.00	420.00	420.00
(-) Cash Required (M)	-99.80	-62.38	-37.43
(=) Excess Retained (M)	320.20	357.63	382.58
(/) Shares Outstanding (M)	395.50	395.50	395.50
(=) Excess Retained per Share	0.81	0.90	0.97
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.81	0.90	0.97
(=) Adjusted Dividend	1.01	1.10	1.17
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	-2.18%	-1.18%	-0.18%
Fair Value	$12.46	$15.75	$19.66
Upside / Downside	-19.69%	1.54%	26.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	499.00	493.09	487.25	481.48	475.78	470.15	484.25
Payout Ratio	15.83%	30.67%	45.50%	60.33%	75.17%	90.00%	92.50%
Projected Dividends (M)	79.00	151.21	221.69	290.49	357.63	423.13	447.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	-2.18%	-1.18%	-0.18%
Year 1 PV (M)	141.55	143.00	144.44
Year 2 PV (M)	194.28	198.27	202.30
Year 3 PV (M)	238.30	245.69	253.22
Year 4 PV (M)	274.64	286.04	297.80
Year 5 PV (M)	304.19	320.06	336.58
PV of Terminal Value (M)	11,741.93	12,354.53	12,992.44
Equity Value (M)	12,894.89	13,547.59	14,226.80
Shares Outstanding (M)	395.50	395.50	395.50
Fair Value	$32.60	$34.25	$35.97
Upside / Downside	110.21%	120.85%	131.93%

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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
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VSEC	VSE Corporation	0.22%	$0.40	30.98%
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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%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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NOV Inc. (0K58.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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