DDM Analysis: MLR

Valuation Snapshot

Stable Growth	$73.73 - $265.32	$122.65
Multi-Stage	$47.16 - $51.54	$49.31
Blended Fair Value	$85.98
Current Price	$40.42
Upside	112.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.22%	2.55%	0.75	0.71	0.71	0.71	0.71	0.71	0.71	0.71	0.66	0.63
YoY Growth	-	-	5.72%	0.35%	0.05%	0.05%	0.05%	0.10%	0.15%	6.13%	6.37%	7.01%
Dividend Yield	-	-	1.77%	1.43%	2.00%	2.51%	1.53%	2.50%	2.27%	2.82%	2.52%	3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.14
(-) Cash Dividends Paid (M)	9.04
(=) Cash Retained (M)	21.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.03	3.77	2.26
Cash Retained (M)	21.10	21.10	21.10
(-) Cash Required (M)	-6.03	-3.77	-2.26
(=) Excess Retained (M)	15.07	17.33	18.84
(/) Shares Outstanding (M)	11.60	11.60	11.60
(=) Excess Retained per Share	1.30	1.49	1.62
LTM Dividend per Share	0.78	0.78	0.78
(+) Excess Retained per Share	1.30	1.49	1.62
(=) Adjusted Dividend	2.08	2.27	2.40
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$73.73	$122.65	$265.32
Upside / Downside	82.40%	203.44%	556.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.14	32.10	34.18	36.40	38.77	41.29	42.53
Payout Ratio	30.00%	42.00%	54.00%	66.00%	78.00%	90.00%	92.50%
Projected Dividends (M)	9.04	13.48	18.46	24.03	30.24	37.16	39.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12.31	12.43	12.54
Year 2 PV (M)	15.39	15.69	15.98
Year 3 PV (M)	18.30	18.82	19.36
Year 4 PV (M)	21.03	21.84	22.67
Year 5 PV (M)	23.60	24.74	25.93
PV of Terminal Value (M)	456.52	478.57	501.46
Equity Value (M)	547.16	572.09	597.95
Shares Outstanding (M)	11.60	11.60	11.60
Fair Value	$47.16	$49.31	$51.54
Upside / Downside	16.67%	21.99%	27.50%

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Miller Industries, Inc. (MLR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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