DDM Analysis: 0RV0.L

Valuation Snapshot

Stable Growth	$467.20 - $1,458.55	$1,366.88
Multi-Stage	$196.69 - $215.17	$205.76
Blended Fair Value	$786.32
Current Price	$146.60
Upside	436.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.24%	17.81%	1.00	1.00	0.80	0.56	0.54	0.45	0.37	0.31	0.27	0.24
YoY Growth	-	-	0.00%	25.26%	42.32%	4.07%	19.37%	22.41%	19.06%	13.58%	13.47%	23.78%
Dividend Yield	-	-	0.65%	0.84%	0.75%	0.31%	0.57%	0.65%	0.82%	0.67%	0.92%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	273.65
(-) Cash Dividends Paid (M)	117.46
(=) Cash Retained (M)	156.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.73	34.21	20.52
Cash Retained (M)	156.19	156.19	156.19
(-) Cash Required (M)	-54.73	-34.21	-20.52
(=) Excess Retained (M)	101.46	121.98	135.67
(/) Shares Outstanding (M)	37.31	37.31	37.31
(=) Excess Retained per Share	2.72	3.27	3.64
LTM Dividend per Share	3.15	3.15	3.15
(+) Excess Retained per Share	2.72	3.27	3.64
(=) Adjusted Dividend	5.87	6.42	6.78
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$467.20	$1,366.88	$1,458.55
Upside / Downside	218.69%	832.38%	894.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	273.65	291.44	310.38	330.55	352.04	374.92	386.17
Payout Ratio	42.92%	52.34%	61.75%	71.17%	80.58%	90.00%	92.50%
Projected Dividends (M)	117.46	152.53	191.67	235.25	283.69	337.43	357.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	141.45	142.79	144.13
Year 2 PV (M)	164.82	167.96	171.13
Year 3 PV (M)	187.60	192.98	198.47
Year 4 PV (M)	209.78	217.85	226.15
Year 5 PV (M)	231.39	242.56	254.17
PV of Terminal Value (M)	6,404.05	6,713.37	7,034.53
Equity Value (M)	7,339.09	7,677.51	8,028.57
Shares Outstanding (M)	37.31	37.31	37.31
Fair Value	$196.69	$205.76	$215.17
Upside / Downside	34.17%	40.36%	46.77%

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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%
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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Reply S.p.A. (0RV0.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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