DDM Analysis: EXPO

Valuation Snapshot

Stable Growth	$49.42 - $138.18	$76.77
Multi-Stage	$36.98 - $40.36	$38.64
Blended Fair Value	$57.71
Current Price	$67.10
Upside	-14.00%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2023	2022	2021	2021	2020	2018	2017	2016	2016
DPS	11.68%	16.12%	1.13	1.05	0.95	0.84	0.77	0.65	0.53	0.42	0.36	0.30
YoY Growth	-	-	7.72%	9.76%	13.98%	8.61%	18.72%	23.08%	24.66%	16.26%	20.03%	19.83%
Dividend Yield	-	-	1.46%	1.27%	0.96%	0.77%	0.78%	0.92%	0.91%	1.08%	1.22%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.84
(-) Cash Dividends Paid (M)	60.88
(=) Cash Retained (M)	43.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.97	13.10	7.86
Cash Retained (M)	43.96	43.96	43.96
(-) Cash Required (M)	-20.97	-13.10	-7.86
(=) Excess Retained (M)	22.99	30.85	36.10
(/) Shares Outstanding (M)	51.59	51.59	51.59
(=) Excess Retained per Share	0.45	0.60	0.70
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	0.45	0.60	0.70
(=) Adjusted Dividend	1.63	1.78	1.88
WACC / Discount Rate	8.51%	8.51%	8.51%
Growth Rate	5.05%	6.05%	7.05%
Fair Value	$49.42	$76.77	$138.18
Upside / Downside	-26.36%	14.42%	105.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.84	111.18	117.91	125.05	132.62	140.65	144.87
Payout Ratio	58.07%	64.46%	70.84%	77.23%	83.61%	90.00%	92.50%
Projected Dividends (M)	60.88	71.66	83.53	96.58	110.89	126.59	134.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.51%	8.51%	8.51%
Growth Rate	5.05%	6.05%	7.05%
Year 1 PV (M)	65.42	66.04	66.67
Year 2 PV (M)	69.61	70.94	72.29
Year 3 PV (M)	73.47	75.59	77.75
Year 4 PV (M)	77.01	79.99	83.05
Year 5 PV (M)	80.25	84.15	88.19
PV of Terminal Value (M)	1,541.64	1,616.42	1,694.08
Equity Value (M)	1,907.40	1,993.13	2,082.01
Shares Outstanding (M)	51.59	51.59	51.59
Fair Value	$36.98	$38.64	$40.36
Upside / Downside	-44.89%	-42.42%	-39.85%

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Exponent, Inc. (EXPO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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