DDM Analysis: 0JZ0.L

Valuation Snapshot

Stable Growth	$598.00 - $2,808.25	$1,055.67
Multi-Stage	$360.38 - $394.20	$376.98
Blended Fair Value	$716.32
Current Price	$630.28
Upside	13.65%
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	7.80%	7.55%	3.10	2.86	2.63	2.43	2.30	2.13	1.91	1.79	1.72	1.76
YoY Growth	-	-	8.62%	8.75%	8.25%	5.35%	8.09%	11.51%	6.89%	3.68%	-2.26%	17.70%
Dividend Yield	-	-	0.65%	0.47%	0.74%	0.63%	0.69%	1.13%	0.94%	0.86%	0.79%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,152.00
(-) Cash Dividends Paid (M)	195.00
(=) Cash Retained (M)	957.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	230.40	144.00	86.40
Cash Retained (M)	957.00	957.00	957.00
(-) Cash Required (M)	-230.40	-144.00	-86.40
(=) Excess Retained (M)	726.60	813.00	870.60
(/) Shares Outstanding (M)	60.90	60.90	60.90
(=) Excess Retained per Share	11.93	13.35	14.30
LTM Dividend per Share	3.20	3.20	3.20
(+) Excess Retained per Share	11.93	13.35	14.30
(=) Adjusted Dividend	15.13	16.55	17.50
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$598.00	$1,055.67	$2,808.25
Upside / Downside	-5.12%	67.49%	345.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,152.00	1,226.88	1,306.63	1,391.56	1,482.01	1,578.34	1,625.69
Payout Ratio	16.93%	31.54%	46.16%	60.77%	75.39%	90.00%	92.50%
Projected Dividends (M)	195.00	386.98	603.09	845.66	1,117.22	1,420.51	1,503.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	354.39	357.75	361.11
Year 2 PV (M)	505.80	515.43	525.16
Year 3 PV (M)	649.51	668.16	687.16
Year 4 PV (M)	785.82	816.04	847.13
Year 5 PV (M)	915.01	959.21	1,005.09
PV of Terminal Value (M)	18,736.52	19,641.51	20,581.12
Equity Value (M)	21,947.06	22,958.10	24,006.77
Shares Outstanding (M)	60.90	60.90	60.90
Fair Value	$360.38	$376.98	$394.20
Upside / Downside	-42.82%	-40.19%	-37.46%

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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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0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
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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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Martin Marietta Materials, Inc. (0JZ0.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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