DDM Analysis: 0I1P.L

Valuation Snapshot

Stable Growth	$89.62 - $176.65	$123.87
Multi-Stage	$90.76 - $99.20	$94.90
Blended Fair Value	$109.38
Current Price	$68.52
Upside	59.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.28%	10.65%	2.83	2.78	2.65	2.77	2.81	3.02	1.97	1.35	1.14	1.10
YoY Growth	-	-	1.62%	5.10%	-4.34%	-1.60%	-6.72%	52.85%	46.11%	18.42%	3.40%	7.30%
Dividend Yield	-	-	4.79%	5.15%	6.10%	3.06%	3.92%	10.28%	2.59%	1.41%	1.66%	2.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	717.00
(-) Cash Dividends Paid (M)	375.00
(=) Cash Retained (M)	342.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	143.40	89.63	53.78
Cash Retained (M)	342.00	342.00	342.00
(-) Cash Required (M)	-143.40	-89.63	-53.78
(=) Excess Retained (M)	198.60	252.38	288.23
(/) Shares Outstanding (M)	133.25	133.25	133.25
(=) Excess Retained per Share	1.49	1.89	2.16
LTM Dividend per Share	2.81	2.81	2.81
(+) Excess Retained per Share	1.49	1.89	2.16
(=) Adjusted Dividend	4.30	4.71	4.98
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	3.55%	4.55%	5.55%
Fair Value	$89.62	$123.87	$176.65
Upside / Downside	30.79%	80.77%	157.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	717.00	749.63	783.75	819.43	856.72	895.72	922.59
Payout Ratio	52.30%	59.84%	67.38%	74.92%	82.46%	90.00%	92.50%
Projected Dividends (M)	375.00	448.59	528.10	613.92	706.46	806.15	853.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	3.55%	4.55%	5.55%
Year 1 PV (M)	409.39	413.35	417.30
Year 2 PV (M)	439.85	448.39	457.00
Year 3 PV (M)	466.65	480.30	494.22
Year 4 PV (M)	490.07	509.28	529.05
Year 5 PV (M)	510.37	535.49	561.59
PV of Terminal Value (M)	9,777.72	10,259.04	10,759.14
Equity Value (M)	12,094.05	12,645.85	13,218.30
Shares Outstanding (M)	133.25	133.25	133.25
Fair Value	$90.76	$94.90	$99.20
Upside / Downside	32.46%	38.50%	44.77%

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0NHS.L	Nutrien Ltd.	3.52%	$2.18	58.76%
CELL.MI	Cellularline S.p.A.	3.52%	$0.09	34.70%
INFREA.ST	Infrea AB	3.52%	$0.50	67.57%
ISSP.JK	PT Steel Pipe Industry of Indonesia Tbk	3.52%	$15.00	19.85%
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PARP.PA	Groupe Partouche S.A.	3.52%	$0.64	38.61%
PKI.TO	Parkland Corporation	3.52%	$1.40	73.81%
SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
161390.KS	Hankook Tire & Technology Co., Ltd.	3.51%	$2,000.00	25.86%
300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
RATO-A.ST	Ratos AB (publ)	3.51%	$1.35	12.15%
002887.SZ	Tianjin LVYIN Landscape and Ecology Construction Co., Ltd	3.50%	$0.33	84.50%
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CMCL	Caledonia Mining Corporation Plc	3.50%	$0.92	35.87%
DLO	DLocal Limited	3.50%	$0.49	87.74%
LAZ	Lazard Ltd	3.50%	$1.74	67.48%
TWL.MI	TraWell Co S.p.A.	3.50%	$0.21	28.69%
WJP.SI	VICOM Ltd	3.50%	$0.06	66.95%
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0RFL.L	VAT Group AG	3.49%	$12.50	88.50%
2030.HK	Cabbeen Fashion Limited	3.49%	$0.05	63.92%
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5246.KL	Westports Holdings Berhad	3.49%	$0.20	71.36%
5989.T	H-One Co.,Ltd.	3.49%	$49.44	14.49%
ACO-X.TO	ATCO Ltd.	3.49%	$1.98	50.80%
CNI	Canadian National Railway Company	3.49%	$3.50	50.64%
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6722.TWO	Whetron Electronics Co.,Ltd.	3.48%	$1.99	24.71%
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3004.SR	Northern Region Cement Company	3.47%	$0.25	79.89%
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Comerica Incorporated (0I1P.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener