DDM Analysis: 0S9E.L

Valuation Snapshot

Stable Growth	$20.89 - $52.72	$31.45
Multi-Stage	$21.72 - $23.78	$22.73
Blended Fair Value	$27.09
Current Price	$14.14
Upside	91.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.46%	1.17%	0.46	0.46	0.49	0.49	0.47	0.42	0.43	0.43	0.41	0.41
YoY Growth	-	-	-1.02%	-4.98%	-1.03%	4.20%	10.87%	-0.55%	-0.22%	3.83%	1.44%	-0.04%
Dividend Yield	-	-	3.54%	6.13%	7.58%	6.24%	6.11%	7.34%	5.67%	4.96%	4.08%	4.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.18
(-) Cash Dividends Paid (M)	40.61
(=) Cash Retained (M)	42.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.64	10.40	6.24
Cash Retained (M)	42.57	42.57	42.57
(-) Cash Required (M)	-16.64	-10.40	-6.24
(=) Excess Retained (M)	25.94	32.17	36.33
(/) Shares Outstanding (M)	87.71	87.71	87.71
(=) Excess Retained per Share	0.30	0.37	0.41
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.30	0.37	0.41
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	3.31%	4.31%	5.31%
Fair Value	$20.89	$31.45	$52.72
Upside / Downside	47.72%	122.40%	272.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.18	86.77	90.51	94.41	98.48	102.72	105.81
Payout Ratio	48.82%	57.06%	65.29%	73.53%	81.76%	90.00%	92.50%
Projected Dividends (M)	40.61	49.51	59.09	69.42	80.52	92.45	97.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	3.31%	4.31%	5.31%
Year 1 PV (M)	45.80	46.24	46.68
Year 2 PV (M)	50.57	51.55	52.55
Year 3 PV (M)	54.95	56.56	58.21
Year 4 PV (M)	58.97	61.28	63.67
Year 5 PV (M)	62.63	65.72	68.93
PV of Terminal Value (M)	1,631.72	1,712.23	1,795.89
Equity Value (M)	1,904.64	1,993.60	2,085.93
Shares Outstanding (M)	87.71	87.71	87.71
Fair Value	$21.72	$22.73	$23.78
Upside / Downside	53.57%	60.75%	68.19%

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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%
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VSEC	VSE Corporation	0.22%	$0.40	30.98%
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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%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
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Extendicare Inc. (0S9E.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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