DDM Analysis: AEL

Valuation Snapshot

Stable Growth	$45.59 - $66.22	$55.59
Multi-Stage	$74.10 - $81.59	$77.77
Blended Fair Value	$66.68
Current Price	$56.47
Upside	18.08%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.54	0.92	0.93	0.78	0.34	0.31	0.29	0.26	0.22
YoY Growth	-	-	-100.00%	-40.88%	-1.66%	20.44%	128.44%	8.07%	9.15%	9.65%	18.10%	19.04%
Dividend Yield	-	-	0.00%	0.97%	2.52%	2.34%	2.46%	1.81%	1.15%	0.98%	1.11%	1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	497.84
(-) Cash Dividends Paid (M)	10.92
(=) Cash Retained (M)	486.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.57	62.23	37.34
Cash Retained (M)	486.92	486.92	486.92
(-) Cash Required (M)	-99.57	-62.23	-37.34
(=) Excess Retained (M)	387.35	424.69	449.58
(/) Shares Outstanding (M)	80.38	80.38	80.38
(=) Excess Retained per Share	4.82	5.28	5.59
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	4.82	5.28	5.59
(=) Adjusted Dividend	4.95	5.42	5.73
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$45.59	$55.59	$66.22
Upside / Downside	-19.27%	-1.56%	17.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	497.84	492.86	487.93	483.05	478.22	473.44	487.65
Payout Ratio	2.19%	19.75%	37.32%	54.88%	72.44%	90.00%	92.50%
Projected Dividends (M)	10.92	97.36	182.08	265.09	346.42	426.10	451.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	88.71	89.61	90.52
Year 2 PV (M)	151.13	154.23	157.37
Year 3 PV (M)	200.47	206.67	213.00
Year 4 PV (M)	238.68	248.57	258.77
Year 5 PV (M)	267.47	281.40	295.90
PV of Terminal Value (M)	5,009.91	5,270.79	5,542.42
Equity Value (M)	5,956.37	6,251.28	6,557.97
Shares Outstanding (M)	80.38	80.38	80.38
Fair Value	$74.10	$77.77	$81.59
Upside / Downside	31.22%	37.72%	44.48%

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Financial Statements

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American Equity Investment Life Holding Company (AEL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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