DDM Analysis: WRT1V.HE

Valuation Snapshot

Stable Growth	$92.25 - $180.52	$169.11
Multi-Stage	$89.84 - $98.98	$94.32
Blended Fair Value	$131.71
Current Price	$20.04
Upside	557.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.34%	-0.84%	0.33	0.26	0.24	0.20	0.48	0.48	0.46	0.45	0.42	0.41
YoY Growth	-	-	26.80%	6.99%	20.17%	-58.25%	0.35%	3.65%	3.79%	5.60%	3.31%	14.69%
Dividend Yield	-	-	2.00%	1.82%	2.78%	2.42%	5.39%	7.17%	3.14%	2.48%	2.52%	3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	561.00
(-) Cash Dividends Paid (M)	227.00
(=) Cash Retained (M)	334.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	112.20	70.13	42.08
Cash Retained (M)	334.00	334.00	334.00
(-) Cash Required (M)	-112.20	-70.13	-42.08
(=) Excess Retained (M)	221.80	263.88	291.93
(/) Shares Outstanding (M)	592.41	592.41	592.41
(=) Excess Retained per Share	0.37	0.45	0.49
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.37	0.45	0.49
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	1.87%	1.87%	1.87%
Growth Rate	1.04%	2.04%	3.04%
Fair Value	$92.25	$169.11	$180.52
Upside / Downside	360.35%	743.85%	800.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	561.00	572.46	584.15	596.08	608.25	620.67	639.29
Payout Ratio	40.46%	50.37%	60.28%	70.19%	80.09%	90.00%	92.50%
Projected Dividends (M)	227.00	288.35	352.11	418.36	487.17	558.61	591.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.87%	1.87%	1.87%
Growth Rate	1.04%	2.04%	3.04%
Year 1 PV (M)	280.28	283.05	285.83
Year 2 PV (M)	332.67	339.29	345.97
Year 3 PV (M)	384.20	395.72	407.47
Year 4 PV (M)	434.86	452.33	470.32
Year 5 PV (M)	484.67	509.13	534.57
PV of Terminal Value (M)	51,307.71	53,897.39	56,590.59
Equity Value (M)	53,224.39	55,876.91	58,634.76
Shares Outstanding (M)	592.41	592.41	592.41
Fair Value	$89.84	$94.32	$98.98
Upside / Downside	348.33%	370.67%	393.90%

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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
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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%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
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Wärtsilä Oyj Abp (WRT1V.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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