DDM Analysis: 0M29.L

Valuation Snapshot

Stable Growth	$148.80 - $773.03	$300.67
Multi-Stage	$83.70 - $91.50	$87.53
Blended Fair Value	$194.10
Current Price	$147.50
Upside	31.59%
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	15.00%	14.05%	1.44	1.23	0.89	0.83	0.77	0.71	0.62	0.53	0.46	0.42
YoY Growth	-	-	17.06%	37.79%	6.90%	7.98%	8.05%	14.47%	16.92%	16.07%	9.80%	8.51%
Dividend Yield	-	-	1.20%	0.95%	0.85%	0.98%	0.73%	1.10%	0.77%	0.69%	0.91%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	948.00
(-) Cash Dividends Paid (M)	380.00
(=) Cash Retained (M)	568.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.60	118.50	71.10
Cash Retained (M)	568.00	568.00	568.00
(-) Cash Required (M)	-189.60	-118.50	-71.10
(=) Excess Retained (M)	378.40	449.50	496.90
(/) Shares Outstanding (M)	243.89	243.89	243.89
(=) Excess Retained per Share	1.55	1.84	2.04
LTM Dividend per Share	1.56	1.56	1.56
(+) Excess Retained per Share	1.55	1.84	2.04
(=) Adjusted Dividend	3.11	3.40	3.60
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$148.80	$300.67	$773.03
Upside / Downside	0.88%	103.85%	424.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	948.00	1,009.62	1,075.25	1,145.14	1,219.57	1,298.84	1,337.81
Payout Ratio	40.08%	50.07%	60.05%	70.03%	80.02%	90.00%	92.50%
Projected Dividends (M)	380.00	505.49	645.69	801.98	975.86	1,168.96	1,237.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	464.92	469.33	473.74
Year 2 PV (M)	546.21	556.62	567.12
Year 3 PV (M)	623.98	641.89	660.14
Year 4 PV (M)	698.33	725.19	752.81
Year 5 PV (M)	769.38	806.54	845.12
PV of Terminal Value (M)	17,311.91	18,148.09	19,016.26
Equity Value (M)	20,414.74	21,347.65	22,315.19
Shares Outstanding (M)	243.89	243.89	243.89
Fair Value	$83.70	$87.53	$91.50
Upside / Downside	-43.25%	-40.66%	-37.97%

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BDC	Belden Inc.	0.17%	$0.20	3.53%
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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%
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CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
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Xylem Inc. (0M29.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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