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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002282.SZ	Bosun Co., Ltd.	2.72%	$0.20	57.69%
005300.KS	Lotte Chilsung Beverage Co., Ltd.	2.72%	$3,646.40	52.67%
3019.TW	Asia Optical Co., Inc.	2.72%	$3.91	58.36%
5469.TW	HannStar Board Corporation	2.72%	$2.52	38.49%
5493.TWO	Sanlien Technology Corp.	2.72%	$2.47	57.58%
605001.SS	Qingdao Victall Railway Co., Ltd.	2.72%	$0.21	76.35%
6727.T	Wacom Co., Ltd.	2.72%	$22.04	70.93%
BEM-R.BK	Bangkok Expressway and Metro Public Company Limited	2.72%	$0.15	59.21%
BTE	Baytex Energy Corp.	2.72%	$0.09	32.39%
CLA-B.ST	Cloetta AB (publ)	2.72%	$1.10	43.72%
EVEN3.SA	Even Construtora e Incorporadora S.A.	2.72%	$0.20	44.47%
SNZ.AX	Summerset Group Holdings Limited	2.72%	$0.29	8.91%
001270.KS	BOOKOOK Securities Co., Ltd.	2.71%	$1,510.84	29.90%
033100.KQ	Cheryong Electric Co.,Ltd.	2.71%	$1,000.15	26.62%
0RAR.L	Stratec SE	2.71%	$0.60	49.62%
2706.TW	First Hotel Company Ltd.	2.71%	$0.35	60.83%
2734.T	SALA Corporation	2.71%	$30.73	39.50%
4051.SR	Baazeem Trading Company	2.71%	$0.18	74.35%
601002.SS	Gem-Year Industrial Co.,Ltd.	2.71%	$0.14	62.84%
601326.SS	Qinhuangdao Port Co., Ltd.	2.71%	$0.09	32.66%
7224.T	ShinMaywa Industries, Ltd.	2.71%	$51.96	40.11%
AN3PG.AX	Australia and New Zealand Banking Group Ltd	2.71%	$2.76	63.53%
002478.SZ	Jiangsu Changbao Steeltube Co.,Ltd	2.70%	$0.23	32.58%
0QMS.L	dormakaba Holding AG	2.70%	$1.74	52.32%
0R9D.L	Aeroporto Guglielmo Marconi di Bologna S.p.A.	2.70%	$0.28	39.70%
2739.TW	My Humble House Hospitality Management Consulting Co., Ltd.	2.70%	$0.97	58.64%
300140.SZ	CECEP Environmental Protection Equipment Co.,Ltd.	2.70%	$0.18	68.84%
4142.SR	Riyadh Cables Group Company	2.70%	$3.50	49.02%
603100.SS	Chongqing Chuanyi Automation Co., Ltd.	2.70%	$0.62	42.77%
603871.SS	Jiayou International Logistics Co.,Ltd	2.70%	$0.38	48.36%
605028.SS	Ningbo Shimao Energy Co.,Ltd	2.70%	$0.80	77.70%
6705.TWO	MARTAS Precision Slide Co.,Ltd	2.70%	$1.84	41.49%
688571.SS	Hangzhou Toka Ink Co., Ltd.	2.70%	$0.20	73.79%
8390.TWO	Jiin Yeeh Ding Enterprises Corp.	2.70%	$2.49	40.37%
8936.TWO	Kuo Toong International Co., Ltd.	2.70%	$1.48	43.88%
CMRY.JK	PT Cisarua Mountain Dairy Tbk	2.70%	$150.01	60.59%
CRJ.WA	Creepy Jar S.A.	2.70%	$10.93	46.34%
DHG.AX	Domain Holdings Australia Limited	2.70%	$0.12	84.16%
SYNSAM.ST	Synsam AB (publ)	2.70%	$1.80	63.88%
300481.SZ	Puyang Huicheng Electronic Material Co., Ltd.	2.69%	$0.42	80.91%
3069.KL	Mega First Corporation Berhad	2.69%	$0.09	20.68%
3147.TWO	Jetwell Computer Co., Ltd.	2.69%	$4.46	37.85%
4023.T	Kureha Corporation	2.69%	$109.81	52.33%
600888.SS	Xinjiang Joinworld Co.,Ltd.	2.69%	$0.22	47.19%
601139.SS	Shenzhen Gas Corporation Ltd.	2.69%	$0.18	41.90%
6462.T	Riken Corporation	2.69%	$100.25	21.01%
8261.TW	Advanced Power Electronics Co., Ltd.	2.69%	$2.49	49.60%
GPG.ST	Genova Property Group AB (publ)	2.69%	$1.07	19.48%
QB7.DE	Quirin Privatbank AG	2.69%	$0.09	18.14%

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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

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