DDM Analysis: 0RFL.L

Valuation Snapshot

Stable Growth	$2,381.69 - $2,806.04	$2,629.67
Multi-Stage	$1,700.81 - $1,865.52	$1,781.63
Blended Fair Value	$2,205.65
Current Price	$334.70
Upside	558.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.34%	0.00%	6.24	6.25	5.50	4.50	4.00	4.00	4.00	4.00	0.00	0.00
YoY Growth	-	-	-0.01%	13.63%	22.21%	12.52%	0.02%	0.01%	0.01%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.82%	1.48%	2.17%	0.99%	1.81%	2.44%	4.86%	2.77%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	423.48
(-) Cash Dividends Paid (M)	374.78
(=) Cash Retained (M)	48.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.70	52.93	31.76
Cash Retained (M)	48.70	48.70	48.70
(-) Cash Required (M)	-84.70	-52.93	-31.76
(=) Excess Retained (M)	-36.00	-4.24	16.94
(/) Shares Outstanding (M)	30.01	30.01	30.01
(=) Excess Retained per Share	-1.20	-0.14	0.56
LTM Dividend per Share	12.49	12.49	12.49
(+) Excess Retained per Share	-1.20	-0.14	0.56
(=) Adjusted Dividend	11.29	12.35	13.05
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,381.69	$2,629.67	$2,806.04
Upside / Downside	611.59%	685.68%	738.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	423.48	451.00	480.32	511.54	544.79	580.20	597.60
Payout Ratio	88.50%	88.80%	89.10%	89.40%	89.70%	90.00%	92.50%
Projected Dividends (M)	374.78	400.49	427.96	457.32	488.68	522.18	552.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	390.82	394.52	398.23
Year 2 PV (M)	407.54	415.31	423.14
Year 3 PV (M)	424.98	437.18	449.61
Year 4 PV (M)	443.15	460.20	477.72
Year 5 PV (M)	462.10	484.42	507.59
PV of Terminal Value (M)	48,918.41	51,281.19	53,734.40
Equity Value (M)	51,047.01	53,472.81	55,990.69
Shares Outstanding (M)	30.01	30.01	30.01
Fair Value	$1,700.81	$1,781.63	$1,865.52
Upside / Downside	408.16%	432.31%	457.37%

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VAT Group AG (0RFL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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