DDM Analysis: SF

Valuation Snapshot

Stable Growth	$110.99 - $232.55	$156.88
Multi-Stage	$82.83 - $90.38	$86.53
Blended Fair Value	$121.71
Current Price	$113.47
Upside	7.26%
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	35.27%	0.00%	1.72	1.48	1.21	0.60	0.42	0.38	0.31	0.12	0.00	0.00
YoY Growth	-	-	16.58%	21.86%	101.62%	42.67%	10.84%	21.10%	153.05%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.83%	1.91%	2.05%	0.88%	0.66%	1.38%	0.86%	0.31%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	663.42
(-) Cash Dividends Paid (M)	204.44
(=) Cash Retained (M)	458.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	132.68	82.93	49.76
Cash Retained (M)	458.98	458.98	458.98
(-) Cash Required (M)	-132.68	-82.93	-49.76
(=) Excess Retained (M)	326.30	376.06	409.23
(/) Shares Outstanding (M)	110.41	110.41	110.41
(=) Excess Retained per Share	2.96	3.41	3.71
LTM Dividend per Share	1.85	1.85	1.85
(+) Excess Retained per Share	2.96	3.41	3.71
(=) Adjusted Dividend	4.81	5.26	5.56
WACC / Discount Rate	10.07%	10.07%	10.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$110.99	$156.88	$232.55
Upside / Downside	-2.19%	38.26%	104.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	663.42	706.55	752.47	801.38	853.47	908.95	936.22
Payout Ratio	30.82%	42.65%	54.49%	66.33%	78.16%	90.00%	92.50%
Projected Dividends (M)	204.44	301.36	410.02	531.53	667.10	818.05	866.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.07%	10.07%	10.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	271.22	273.79	276.36
Year 2 PV (M)	332.11	338.43	344.82
Year 3 PV (M)	387.47	398.59	409.92
Year 4 PV (M)	437.66	454.49	471.80
Year 5 PV (M)	483.02	506.35	530.57
PV of Terminal Value (M)	7,233.08	7,582.44	7,945.17
Equity Value (M)	9,144.55	9,554.09	9,978.65
Shares Outstanding (M)	110.41	110.41	110.41
Fair Value	$82.83	$86.53	$90.38
Upside / Downside	-27.01%	-23.74%	-20.35%

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NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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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%
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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%
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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%
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Financial Statements

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Sector

Stifel Financial Corp. (SF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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