DDM Analysis: UNIT

Valuation Snapshot

Stable Growth	$67.72 - $99.73	$83.08
Multi-Stage	$87.70 - $96.32	$91.93
Blended Fair Value	$87.50
Current Price	$7.18
Upside	1,118.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.80%	0.00%	0.58	0.57	0.76	0.75	0.72	0.74	2.27	2.13	1.96	1.25
YoY Growth	-	-	0.98%	-24.87%	1.12%	4.20%	-2.20%	-67.44%	6.47%	8.80%	56.34%	0.00%
Dividend Yield	-	-	6.90%	5.82%	12.90%	3.29%	3.94%	7.37%	11.75%	7.89%	4.56%	3.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,596.56
(-) Cash Dividends Paid (M)	0.02
(=) Cash Retained (M)	1,596.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	319.31	199.57	119.74
Cash Retained (M)	1,596.54	1,596.54	1,596.54
(-) Cash Required (M)	-319.31	-199.57	-119.74
(=) Excess Retained (M)	1,277.23	1,396.97	1,476.80
(/) Shares Outstanding (M)	187.86	187.86	187.86
(=) Excess Retained per Share	6.80	7.44	7.86
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	6.80	7.44	7.86
(=) Adjusted Dividend	6.80	7.44	7.86
WACC / Discount Rate	10.03%	10.03%	10.03%
Growth Rate	-0.01%	0.99%	1.99%
Fair Value	$67.72	$83.08	$99.73
Upside / Downside	843.11%	1,057.11%	1,289.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,596.56	1,612.31	1,628.22	1,644.29	1,660.51	1,676.90	1,727.20
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.02	290.23	586.17	887.92	1,195.57	1,509.21	1,597.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.03%	10.03%	10.03%
Growth Rate	-0.01%	0.99%	1.99%
Year 1 PV (M)	261.17	263.79	266.40
Year 2 PV (M)	474.67	484.21	493.85
Year 3 PV (M)	647.03	666.64	686.64
Year 4 PV (M)	783.99	815.83	848.63
Year 5 PV (M)	890.57	936.00	983.27
PV of Terminal Value (M)	13,418.80	14,103.38	14,815.63
Equity Value (M)	16,476.24	17,269.86	18,094.42
Shares Outstanding (M)	187.86	187.86	187.86
Fair Value	$87.70	$91.93	$96.32
Upside / Downside	1,121.51%	1,180.34%	1,241.48%

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Uniti Group Inc. (UNIT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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