DDM Analysis: SAFT

Valuation Snapshot

Stable Growth	$82.63 - $148.86	$110.33
Multi-Stage	$129.30 - $141.80	$135.43
Blended Fair Value	$122.88
Current Price	$70.69
Upside	73.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.25%	3.10%	3.61	3.61	3.59	3.66	3.70	3.57	3.31	3.08	2.86	2.84
YoY Growth	-	-	0.06%	0.48%	-1.80%	-1.04%	3.62%	7.90%	7.38%	7.56%	0.69%	6.80%
Dividend Yield	-	-	4.58%	4.46%	4.82%	4.03%	4.39%	4.23%	3.74%	4.01%	4.09%	4.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.27
(-) Cash Dividends Paid (M)	53.65
(=) Cash Retained (M)	33.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.45	10.91	6.55
Cash Retained (M)	33.63	33.63	33.63
(-) Cash Required (M)	-17.45	-10.91	-6.55
(=) Excess Retained (M)	16.17	22.72	27.08
(/) Shares Outstanding (M)	14.75	14.75	14.75
(=) Excess Retained per Share	1.10	1.54	1.84
LTM Dividend per Share	3.64	3.64	3.64
(+) Excess Retained per Share	1.10	1.54	1.84
(=) Adjusted Dividend	4.73	5.18	5.47
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	1.10%	2.10%	3.10%
Fair Value	$82.63	$110.33	$148.86
Upside / Downside	16.90%	56.08%	110.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.27	89.11	90.98	92.88	94.83	96.82	99.73
Payout Ratio	61.47%	67.17%	72.88%	78.59%	84.29%	90.00%	92.50%
Projected Dividends (M)	53.65	59.86	66.30	72.99	79.94	87.14	92.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	1.10%	2.10%	3.10%
Year 1 PV (M)	55.45	56.00	56.55
Year 2 PV (M)	56.90	58.03	59.18
Year 3 PV (M)	58.03	59.77	61.55
Year 4 PV (M)	58.88	61.24	63.68
Year 5 PV (M)	59.46	62.46	65.58
PV of Terminal Value (M)	1,618.99	1,700.66	1,785.60
Equity Value (M)	1,907.71	1,998.17	2,092.12
Shares Outstanding (M)	14.75	14.75	14.75
Fair Value	$129.30	$135.43	$141.80
Upside / Downside	82.91%	91.58%	100.59%

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605098.SS	Shanghai Action Education Technology CO.,LTD.	2.99%	$1.25	51.61%
6473.T	JTEKT Corporation	2.99%	$51.92	84.17%
B2H.OL	B2Holding ASA	2.99%	$0.21	21.39%
GENTERA.MX	Gentera, S.A.B. de C.V.	2.99%	$1.36	28.15%
JYSK.CO	Jyske Bank A/S	2.99%	$26.22	30.23%
MCGS.QA	Medicare Group Q.P.S.C.	2.99%	$0.20	64.83%
002003.SZ	Zhejiang Weixing Industrial Development Co., Ltd.	2.98%	$0.32	55.93%
0RHU.L	Flughafen Wien AG	2.98%	$1.65	62.41%
8914.T	Arealink Co., Ltd.	2.98%	$31.69	44.83%
DXT.TO	Dexterra Group Inc.	2.98%	$0.35	55.12%
NST.AX	Northern Star Resources Limited	2.98%	$0.73	45.12%
600704.SS	Wuchan Zhongda Group Co.,Ltd.	2.97%	$0.17	22.55%
8593.T	Mitsubishi HC Capital Inc.	2.97%	$38.97	34.55%
KBL.TO	K-Bro Linen Inc.	2.97%	$1.04	69.43%
O10.SI	Far East Orchard Limited	2.97%	$0.04	30.11%
PLANB.BK	Plan B Media Public Company Limited	2.97%	$0.12	46.85%
005850.KS	SL Corporation	2.96%	$1,235.83	18.10%
6527.TWO	Crystalvue Medical Corporation	2.96%	$2.24	40.94%
9201.T	Japan Airlines Co., Ltd.	2.96%	$85.89	30.05%
9633.HK	Nongfu Spring Co., Ltd.	2.96%	$1.43	61.73%
9931.TW	Hsin Kao Gas Co.,Ltd.	2.96%	$1.01	40.68%
FTS	Fortis Inc.	2.96%	$1.54	47.07%
035890.KQ	Seohee Construction Co., Ltd.	2.95%	$47.87	7.53%
3132.T	Macnica Fuji Electronics Holdings, Inc.	2.95%	$70.52	56.32%
600667.SS	Wuxi Taiji Industry Limited Corporation	2.95%	$0.23	83.84%
603577.SS	Qingdao Huijintong Power Equipment Co.,Ltd.	2.95%	$0.31	79.62%
603699.SS	Neway Valve (Suzhou) Co., Ltd.	2.95%	$1.53	81.92%
000020.KS	Dongwha Pharm.Co.,Ltd	2.94%	$182.44	65.71%
000895.SZ	Henan Shuanghui Investment & Development Co.,Ltd.	2.94%	$0.78	52.50%
002540.SZ	Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.	2.94%	$0.21	63.05%
013120.KQ	DongWon Development Co.,Ltd.	2.94%	$80.92	85.28%
107590.KS	Miwon Holdings Co., Ltd.	2.94%	$1,985.59	19.06%
6779.T	Nihon Dempa Kogyo Co., Ltd.	2.94%	$30.05	58.30%
8084.T	Ryoden Corporation	2.94%	$106.29	46.57%
8890.T	Raysum Co., Ltd.	2.94%	$173.16	50.05%
9303.T	The Sumitomo Warehouse Co., Ltd.	2.94%	$104.40	36.71%
APZ.AX	Aspen Group	2.94%	$0.16	31.96%
FSECURE.HE	F-Secure Oyj	2.94%	$0.06	45.60%
RELAIS.HE	Relais Group Oyj	2.94%	$0.50	54.01%
0QN2.L	Interroll Holding AG	2.93%	$63.83	41.54%
3515.TW	ASROCK Incorporation	2.93%	$7.30	57.65%
601619.SS	Ningxia Jiaze Renewables Corporation Limited	2.93%	$0.13	56.17%
8508.T	J Trust Co., Ltd.	2.93%	$13.97	39.79%
000166.SZ	Shenwan Hongyuan Group Co., Ltd.	2.92%	$0.15	41.10%
002299.SZ	Fujian Sunner Development Co., Ltd.	2.92%	$0.48	39.69%
4949.TW	Win Win Precision Technology Co., Ltd.	2.92%	$1.08	55.94%
5386.T	Tsuruya Co., Ltd.	2.92%	$11.98	57.58%
600267.SS	Zhejiang Hisun Pharmaceutical Co., Ltd.	2.92%	$0.29	61.49%
600758.SS	LIAONING ENERGY INDUSTRY Co.,LTD	2.92%	$0.11	69.99%

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Safety Insurance Group, Inc. (SAFT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener