DDM Analysis: MCY

Valuation Snapshot

Stable Growth	$220.75 - $782.49	$365.89
Multi-Stage	$179.62 - $196.85	$188.08
Blended Fair Value	$276.98
Current Price	$67.34
Upside	311.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.75%	-6.35%	1.27	1.27	1.90	2.53	2.52	2.51	2.50	2.49	2.48	2.46
YoY Growth	-	-	0.01%	-33.33%	-24.78%	0.42%	0.41%	0.43%	0.43%	0.50%	0.60%	0.66%
Dividend Yield	-	-	2.27%	2.42%	6.00%	4.60%	4.15%	6.17%	4.96%	5.43%	4.06%	4.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	439.62
(-) Cash Dividends Paid (M)	70.34
(=) Cash Retained (M)	369.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.92	54.95	32.97
Cash Retained (M)	369.27	369.27	369.27
(-) Cash Required (M)	-87.92	-54.95	-32.97
(=) Excess Retained (M)	281.35	314.32	336.30
(/) Shares Outstanding (M)	55.39	55.39	55.39
(=) Excess Retained per Share	5.08	5.67	6.07
LTM Dividend per Share	1.27	1.27	1.27
(+) Excess Retained per Share	5.08	5.67	6.07
(=) Adjusted Dividend	6.35	6.94	7.34
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	4.16%	5.16%	6.16%
Fair Value	$220.75	$365.89	$782.49
Upside / Downside	227.82%	443.34%	1,062.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	439.62	462.30	486.15	511.24	537.62	565.36	582.32
Payout Ratio	16.00%	30.80%	45.60%	60.40%	75.20%	90.00%	92.50%
Projected Dividends (M)	70.34	142.39	221.69	308.79	404.29	508.83	538.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	4.16%	5.16%	6.16%
Year 1 PV (M)	131.62	132.88	134.15
Year 2 PV (M)	189.41	193.07	196.76
Year 3 PV (M)	243.87	250.97	258.19
Year 4 PV (M)	295.14	306.64	318.47
Year 5 PV (M)	343.35	360.15	377.60
PV of Terminal Value (M)	8,745.47	9,173.42	9,617.96
Equity Value (M)	9,948.87	10,417.13	10,903.13
Shares Outstanding (M)	55.39	55.39	55.39
Fair Value	$179.62	$188.08	$196.85
Upside / Downside	166.74%	179.30%	192.33%

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603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
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Financial Statements

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Sector

Mercury General Corporation (MCY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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