DDM Analysis: 0RAR.L

Valuation Snapshot

Stable Growth	$16.27 - $28.76	$21.56
Multi-Stage	$24.96 - $27.38	$26.15
Blended Fair Value	$23.86
Current Price	$26.20
Upside	-8.95%
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	-7.38%	-0.53%	0.55	0.97	0.95	0.90	0.83	0.81	0.78	0.75	0.73	0.68
YoY Growth	-	-	-43.28%	2.33%	5.80%	7.80%	2.96%	2.92%	4.43%	2.75%	7.72%	16.91%
Dividend Yield	-	-	2.26%	2.58%	1.51%	0.89%	0.72%	1.14%	1.29%	1.02%	1.30%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.70
(-) Cash Dividends Paid (M)	7.29
(=) Cash Retained (M)	7.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.94	1.84	1.10
Cash Retained (M)	7.41	7.41	7.41
(-) Cash Required (M)	-2.94	-1.84	-1.10
(=) Excess Retained (M)	4.47	5.57	6.30
(/) Shares Outstanding (M)	12.16	12.16	12.16
(=) Excess Retained per Share	0.37	0.46	0.52
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.37	0.46	0.52
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Fair Value	$16.27	$21.56	$28.76
Upside / Downside	-37.90%	-17.71%	9.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.70	15.00	15.31	15.63	15.95	16.27	16.76
Payout Ratio	49.62%	57.69%	65.77%	73.85%	81.92%	90.00%	92.50%
Projected Dividends (M)	7.29	8.66	10.07	11.54	13.06	14.65	15.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	1.05%	2.05%	3.05%
Year 1 PV (M)	8.01	8.08	8.16
Year 2 PV (M)	8.61	8.79	8.96
Year 3 PV (M)	9.13	9.40	9.68
Year 4 PV (M)	9.56	9.94	10.34
Year 5 PV (M)	9.91	10.41	10.93
PV of Terminal Value (M)	258.24	271.27	284.82
Equity Value (M)	303.46	317.90	332.90
Shares Outstanding (M)	12.16	12.16	12.16
Fair Value	$24.96	$26.15	$27.38
Upside / Downside	-4.72%	-0.19%	4.52%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
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%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
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%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
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%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Stratec SE (0RAR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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