DDM Analysis: 0REW.L

Valuation Snapshot

Stable Growth	$40.88 - $64.26	$51.60
Multi-Stage	$99.21 - $109.42	$104.22
Blended Fair Value	$77.91
Current Price	$46.20
Upside	68.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-0.02%	0.00%	0.58	0.58	0.58	0.58	0.58	0.58	0.58	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-0.10%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.65%	2.35%	2.16%	2.18%	2.19%	2.10%	2.52%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.86
(-) Cash Dividends Paid (M)	1.93
(=) Cash Retained (M)	11.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.77	1.73	1.04
Cash Retained (M)	11.93	11.93	11.93
(-) Cash Required (M)	-2.77	-1.73	-1.04
(=) Excess Retained (M)	9.16	10.20	10.89
(/) Shares Outstanding (M)	3.32	3.32	3.32
(=) Excess Retained per Share	2.76	3.08	3.28
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	2.76	3.08	3.28
(=) Adjusted Dividend	3.35	3.66	3.87
WACC / Discount Rate	6.00%	6.00%	6.00%
Growth Rate	-2.02%	-1.02%	-0.02%
Fair Value	$40.88	$51.60	$64.26
Upside / Downside	-11.52%	11.70%	39.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.86	13.72	13.58	13.44	13.31	13.17	13.57
Payout Ratio	13.95%	29.16%	44.37%	59.58%	74.79%	90.00%	92.50%
Projected Dividends (M)	1.93	4.00	6.03	8.01	9.95	11.85	12.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.00%	6.00%	6.00%
Growth Rate	-2.02%	-1.02%	-0.02%
Year 1 PV (M)	3.74	3.78	3.81
Year 2 PV (M)	5.26	5.36	5.47
Year 3 PV (M)	6.52	6.73	6.93
Year 4 PV (M)	7.57	7.88	8.21
Year 5 PV (M)	8.42	8.86	9.32
PV of Terminal Value (M)	297.45	312.94	329.07
Equity Value (M)	328.96	345.55	362.81
Shares Outstanding (M)	3.32	3.32	3.32
Fair Value	$99.21	$104.22	$109.42
Upside / Downside	114.75%	125.58%	136.85%

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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%
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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%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Züblin Immobilien Holding AG (0REW.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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