DDM Analysis: SAFT

Valuation Snapshot

Stable Growth	$82.56 - $148.65	$110.21
Multi-Stage	$129.12 - $141.60	$135.24
Blended Fair Value	$122.72
Current Price	$70.69
Upside	73.61%
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	$82.56	$110.21	$148.65
Upside / Downside	16.79%	55.91%	110.29%

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	56.54
Year 2 PV (M)	56.90	58.03	59.17
Year 3 PV (M)	58.03	59.76	61.54
Year 4 PV (M)	58.86	61.23	63.66
Year 5 PV (M)	59.44	62.44	65.56
PV of Terminal Value (M)	1,616.36	1,697.89	1,782.69
Equity Value (M)	1,905.03	1,995.35	2,089.16
Shares Outstanding (M)	14.75	14.75	14.75
Fair Value	$129.12	$135.24	$141.60
Upside / Downside	82.65%	91.31%	100.30%

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LOXLEY.BK	Loxley Public Company Limited	2.48%	$0.03	32.70%
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300138.SZ	ChenGuang Biotech Group Co., Ltd.	2.47%	$0.31	44.10%
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601108.SS	Caitong Securities Co.,Ltd.	2.47%	$0.22	38.34%
ACTINVRB.MX	Corporación Actinver, S. A. B. de C. V.	2.47%	$0.55	16.64%
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QBR-A.TO	Quebecor Inc.	2.47%	$1.37	38.63%
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300144.SZ	Songcheng Performance Development Co.,Ltd	2.46%	$0.20	66.36%
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6571.T	QB Net Holdings Co.,Ltd.	2.46%	$34.31	43.61%
7298.T	Yachiyo Industry Co., Ltd.	2.46%	$34.07	16.58%
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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