DDM Analysis: GHC

Valuation Snapshot

Stable Growth	$3,023.67 - $6,295.66	$4,264.31
Multi-Stage	$2,798.32 - $3,066.68	$2,930.00
Blended Fair Value	$3,597.16
Current Price	$1,177.31
Upside	205.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.53%	-7.77%	6.96	7.10	7.04	6.91	6.87	6.77	6.56	6.49	6.26	12.31
YoY Growth	-	-	-1.96%	0.78%	1.91%	0.55%	1.41%	3.27%	1.02%	3.67%	-49.14%	-21.13%
Dividend Yield	-	-	0.72%	0.94%	1.18%	1.13%	1.22%	1.99%	0.96%	1.08%	1.04%	2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	732.36
(-) Cash Dividends Paid (M)	30.93
(=) Cash Retained (M)	701.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	146.47	91.54	54.93
Cash Retained (M)	701.43	701.43	701.43
(-) Cash Required (M)	-146.47	-91.54	-54.93
(=) Excess Retained (M)	554.96	609.89	646.50
(/) Shares Outstanding (M)	4.36	4.36	4.36
(=) Excess Retained per Share	127.21	139.80	148.20
LTM Dividend per Share	7.09	7.09	7.09
(+) Excess Retained per Share	127.21	139.80	148.20
(=) Adjusted Dividend	134.30	146.89	155.29
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	3.76%	4.76%	5.76%
Fair Value	$3,023.67	$4,264.31	$6,295.66
Upside / Downside	156.83%	262.21%	434.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	732.36	767.21	803.71	841.95	882.01	923.98	951.70
Payout Ratio	4.22%	21.38%	38.53%	55.69%	72.84%	90.00%	92.50%
Projected Dividends (M)	30.93	164.02	309.70	468.88	642.50	831.58	880.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	3.76%	4.76%	5.76%
Year 1 PV (M)	149.91	151.35	152.80
Year 2 PV (M)	258.71	263.72	268.78
Year 3 PV (M)	357.99	368.44	379.10
Year 4 PV (M)	448.36	465.90	483.94
Year 5 PV (M)	530.39	556.45	583.52
PV of Terminal Value (M)	10,462.29	10,976.27	11,510.26
Equity Value (M)	12,207.66	12,782.14	13,378.40
Shares Outstanding (M)	4.36	4.36	4.36
Fair Value	$2,798.32	$2,930.00	$3,066.68
Upside / Downside	137.69%	148.87%	160.48%

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Graham Holdings Company (GHC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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