DDM Analysis: ITRN

Valuation Snapshot

Stable Growth	$60.37 - $144.92	$89.43
Multi-Stage	$52.98 - $57.85	$55.37
Blended Fair Value	$72.40
Current Price	$35.72
Upside	102.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.16%	3.80%	1.41	0.58	0.58	0.79	0.50	1.00	1.02	1.14	0.86	0.88
YoY Growth	-	-	142.63%	0.84%	-27.48%	58.61%	-49.78%	-1.83%	-10.71%	32.52%	-2.85%	-8.97%
Dividend Yield	-	-	3.90%	2.08%	2.65%	3.45%	2.36%	7.02%	2.88%	3.68%	2.78%	4.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.53
(-) Cash Dividends Paid (M)	36.59
(=) Cash Retained (M)	19.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.31	7.07	4.24
Cash Retained (M)	19.94	19.94	19.94
(-) Cash Required (M)	-11.31	-7.07	-4.24
(=) Excess Retained (M)	8.63	12.87	15.70
(/) Shares Outstanding (M)	19.89	19.89	19.89
(=) Excess Retained per Share	0.43	0.65	0.79
LTM Dividend per Share	1.84	1.84	1.84
(+) Excess Retained per Share	0.43	0.65	0.79
(=) Adjusted Dividend	2.27	2.49	2.63
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	4.32%	5.32%	6.32%
Fair Value	$60.37	$89.43	$144.92
Upside / Downside	69.01%	150.35%	305.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.53	59.54	62.71	66.05	69.56	73.26	75.46
Payout Ratio	64.72%	69.78%	74.83%	79.89%	84.94%	90.00%	92.50%
Projected Dividends (M)	36.59	41.55	46.93	52.76	59.09	65.94	69.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	4.32%	5.32%	6.32%
Year 1 PV (M)	38.01	38.38	38.74
Year 2 PV (M)	39.29	40.04	40.81
Year 3 PV (M)	40.42	41.59	42.79
Year 4 PV (M)	41.42	43.03	44.69
Year 5 PV (M)	42.29	44.36	46.50
PV of Terminal Value (M)	852.41	894.05	937.31
Equity Value (M)	1,053.84	1,101.45	1,150.84
Shares Outstanding (M)	19.89	19.89	19.89
Fair Value	$52.98	$55.37	$57.85
Upside / Downside	48.31%	55.01%	61.96%

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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
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Financial Statements

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Sector

Ituran Location and Control Ltd. (ITRN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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