DDM Analysis: PRIM

Valuation Snapshot

Stable Growth	$98.75 - $216.35	$141.81
Multi-Stage	$70.15 - $76.69	$73.36
Blended Fair Value	$107.58
Current Price	$137.33
Upside	-21.66%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.05%	5.57%	0.24	0.23	0.23	0.23	0.21	0.22	0.23	0.21	0.21	0.18
YoY Growth	-	-	0.66%	0.04%	1.70%	8.38%	-5.05%	-1.07%	8.98%	-0.51%	16.06%	31.08%
Dividend Yield	-	-	0.41%	0.55%	0.95%	0.96%	0.64%	1.40%	1.05%	0.83%	0.90%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	277.14
(-) Cash Dividends Paid (M)	16.17
(=) Cash Retained (M)	260.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.43	34.64	20.79
Cash Retained (M)	260.97	260.97	260.97
(-) Cash Required (M)	-55.43	-34.64	-20.79
(=) Excess Retained (M)	205.54	226.33	240.19
(/) Shares Outstanding (M)	54.74	54.74	54.74
(=) Excess Retained per Share	3.75	4.13	4.39
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	3.75	4.13	4.39
(=) Adjusted Dividend	4.05	4.43	4.68
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.75	$141.81	$216.35
Upside / Downside	-28.09%	3.26%	57.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	277.14	295.16	314.34	334.77	356.53	379.71	391.10
Payout Ratio	5.83%	22.67%	39.50%	56.33%	73.17%	90.00%	92.50%
Projected Dividends (M)	16.17	66.90	124.17	188.59	260.86	341.74	361.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	60.35	60.92	61.49
Year 2 PV (M)	101.02	102.94	104.88
Year 3 PV (M)	138.39	142.36	146.41
Year 4 PV (M)	172.66	179.30	186.13
Year 5 PV (M)	204.02	213.87	224.10
PV of Terminal Value (M)	3,163.63	3,316.43	3,475.08
Equity Value (M)	3,840.06	4,015.82	4,198.10
Shares Outstanding (M)	54.74	54.74	54.74
Fair Value	$70.15	$73.36	$76.69
Upside / Downside	-48.92%	-46.58%	-44.16%

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Primoris Services Corporation (PRIM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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