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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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
002244.SZ	Hangzhou Binjiang Real Estate Group Co.,Ltd	2.61%	$0.26	24.72%
023800.KS	INZI Controls Co.,Ltd.	2.61%	$170.34	14.79%
0O2W.L	GFT Technologies SE	2.61%	$0.50	37.28%
4332.SR	Jadwa REIT Al Haramain Fund	2.61%	$0.13	13.56%
603713.SS	Milkyway Chemical Supply Chain Service Co., Ltd.	2.61%	$1.45	40.70%
7743.T	SEED Co.,Ltd.	2.61%	$14.99	32.99%
GBF.DE	Bilfinger SE	2.61%	$2.87	57.97%
SMTO3.SA	São Martinho S.A.	2.61%	$0.39	25.61%
TURSG.IS	Türkiye Sigorta Anonim Sirketi	2.61%	$0.30	17.12%
015230.KS	Daechang Forging Co., Ltd.	2.60%	$159.78	12.73%
300761.SZ	Jiangsu Lihua Animal Husbandry Co., Ltd.	2.60%	$0.54	69.75%
3257.TW	Champion Microelectronic Corporation	2.60%	$1.80	83.24%
000028.SZ	China National Accord Medicines Corporation Ltd.	2.59%	$0.63	66.16%
000423.SZ	Dong-E-E-Jiao Co.,Ltd.	2.59%	$1.27	48.72%
002375.SZ	Zhejiang Yasha Decoration Co.,Ltd	2.59%	$0.10	39.98%
002508.SZ	Hangzhou Robam Appliances Co., Ltd.	2.59%	$0.50	30.91%
035510.KS	SHINSEGAE Information & Communication Co., Ltd.	2.59%	$430.09	12.26%
4732.T	USS Co., Ltd.	2.59%	$44.46	52.49%
600623.SS	Shanghai Huayi Group Corporation Limited	2.59%	$0.20	60.15%
603367.SS	Cisen Pharmaceutical Co., Ltd.	2.59%	$0.45	41.25%
6794.T	Foster Electric Company, Limited	2.59%	$70.19	37.70%
ORNAV.HE	Orion Oyj	2.59%	$1.63	73.31%
0027.HK	Galaxy Entertainment Group Limited	2.58%	$1.00	24.37%
0MKP.L	Strabag SE	2.58%	$2.08	29.10%
1586.HK	China Leon Inspection Holding Limited	2.58%	$0.06	21.58%
3612.T	World Co., Ltd.	2.58%	$79.81	24.01%
5334.T	Niterra Co., Ltd.	2.58%	$178.09	36.87%
601137.SS	Ningbo Boway Alloy Material Company Limited	2.58%	$0.55	43.16%
688355.SS	Suzhou Mingzhi Technology Co., Ltd.	2.58%	$0.46	98.88%
ASAI.L	ASA International Group PLC	2.58%	$5.05	31.55%
DEK.WA	Dekpol S.A.	2.58%	$2.39	17.66%
PNGO.JK	PT PINAGO UTAMA Tbk	2.58%	$80.26	21.28%
600999.SS	China Merchants Securities Co., Ltd.	2.57%	$0.43	30.69%
605338.SS	Zhongyin Babi Food Co., Ltd.	2.57%	$0.80	67.91%
ARB.AX	ARB Corporation Limited	2.57%	$0.82	34.10%
ERWPF.BK	Erawan Hotel Growth Property Fund	2.57%	$0.23	22.08%
HLUN-A.CO	H. Lundbeck A/S	2.57%	$0.95	24.76%
KVT.WA	Krynica Vitamin S.A.	2.57%	$0.27	25.50%
UNIQ.BK	Unique Engineering and Construction Public Company Limited	2.57%	$0.07	7.66%
004710.KS	Hansol Technics Co., Ltd.	2.56%	$150.48	26.54%
1714.TW	Ho Tung Chemical Corp.	2.56%	$0.21	47.53%
300880.SZ	Ningbo Jianan Electronics Co.,Ltd	2.56%	$0.45	98.75%
383220.KS	F&F Co., Ltd	2.56%	$1,700.27	19.00%
603227.SS	Xinjiang Xuefeng Sci-Tech(Group)Co.,Ltd	2.56%	$0.21	49.65%
605507.SS	Guobang Pharma Ltd.	2.56%	$0.63	40.20%
9319.T	Chuo Warehouse Co.,Ltd.	2.56%	$36.64	36.47%
ANA.MC	Acciona, S.A.	2.56%	$4.88	31.97%
GGAL.BA	Grupo Financiero Galicia S.A.	2.56%	$213.91	37.51%
HOFI.ST	Hoist Finance AB (publ)	2.56%	$2.93	25.50%
P52.SI	Pan-United Corporation Ltd	2.56%	$0.03	48.81%

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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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