DDM Analysis: 0O1O.L

Valuation Snapshot

Stable Growth	$692.33 - $1,803.60	$1,690.24
Multi-Stage	$254.44 - $278.64	$266.31
Blended Fair Value	$978.28
Current Price	$74.20
Upside	1,218.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.11%	8.66%	0.85	0.80	0.80	0.50	0.38	0.48	0.46	0.43	0.41	0.39
YoY Growth	-	-	6.27%	0.00%	60.04%	31.60%	-20.87%	4.11%	7.00%	4.90%	5.04%	5.57%
Dividend Yield	-	-	1.14%	0.78%	0.91%	0.38%	0.46%	0.75%	0.91%	0.72%	0.90%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107.10
(-) Cash Dividends Paid (M)	20.46
(=) Cash Retained (M)	86.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.42	13.39	8.03
Cash Retained (M)	86.64	86.64	86.64
(-) Cash Required (M)	-21.42	-13.39	-8.03
(=) Excess Retained (M)	65.22	73.25	78.60
(/) Shares Outstanding (M)	11.81	11.81	11.81
(=) Excess Retained per Share	5.52	6.20	6.66
LTM Dividend per Share	1.73	1.73	1.73
(+) Excess Retained per Share	5.52	6.20	6.66
(=) Adjusted Dividend	7.26	7.94	8.39
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$692.33	$1,690.24	$1,803.60
Upside / Downside	833.06%	2,177.95%	2,330.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107.10	114.06	121.47	129.37	137.78	146.73	151.13
Payout Ratio	19.10%	33.28%	47.46%	61.64%	75.82%	90.00%	92.50%
Projected Dividends (M)	20.46	37.96	57.65	79.74	104.46	132.06	139.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35.28	35.61	35.94
Year 2 PV (M)	49.78	50.73	51.69
Year 3 PV (M)	63.98	65.82	67.69
Year 4 PV (M)	77.89	80.88	83.96
Year 5 PV (M)	91.49	95.91	100.50
PV of Terminal Value (M)	2,686.23	2,815.98	2,950.69
Equity Value (M)	3,004.65	3,144.93	3,290.47
Shares Outstanding (M)	11.81	11.81	11.81
Fair Value	$254.44	$266.31	$278.64
Upside / Downside	242.91%	258.91%	275.52%

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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
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AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
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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%
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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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Vetoquinol S.A. (0O1O.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener