DDM Analysis: TRV

Valuation Snapshot

Stable Growth	$537.57 - $1,285.82	$795.38
Multi-Stage	$523.32 - $573.66	$548.02
Blended Fair Value	$671.70
Current Price	$279.22
Upside	140.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.42%	2.69%	4.14	3.96	3.81	3.79	3.75	3.68	3.55	3.42	3.30	3.22
YoY Growth	-	-	4.74%	3.77%	0.69%	0.93%	2.01%	3.69%	3.69%	3.70%	2.44%	1.37%
Dividend Yield	-	-	1.57%	1.73%	2.22%	2.07%	2.49%	3.70%	2.57%	2.46%	2.74%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,874.00
(-) Cash Dividends Paid (M)	977.00
(=) Cash Retained (M)	4,897.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,174.80	734.25	440.55
Cash Retained (M)	4,897.00	4,897.00	4,897.00
(-) Cash Required (M)	-1,174.80	-734.25	-440.55
(=) Excess Retained (M)	3,722.20	4,162.75	4,456.45
(/) Shares Outstanding (M)	229.48	229.48	229.48
(=) Excess Retained per Share	16.22	18.14	19.42
LTM Dividend per Share	4.26	4.26	4.26
(+) Excess Retained per Share	16.22	18.14	19.42
(=) Adjusted Dividend	20.48	22.40	23.68
WACC / Discount Rate	7.45%	7.45%	7.45%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$537.57	$795.38	$1,285.82
Upside / Downside	92.53%	184.86%	360.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,874.00	6,138.48	6,414.86	6,703.69	7,005.52	7,320.94	7,540.57
Payout Ratio	16.63%	31.31%	45.98%	60.65%	75.33%	90.00%	92.50%
Projected Dividends (M)	977.00	1,921.72	2,949.52	4,065.99	5,277.01	6,588.85	6,975.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.45%	7.45%	7.45%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	1,771.44	1,788.55	1,805.67
Year 2 PV (M)	2,506.26	2,554.92	2,604.05
Year 3 PV (M)	3,184.76	3,277.97	3,372.97
Year 4 PV (M)	3,810.10	3,959.49	4,113.24
Year 5 PV (M)	4,385.25	4,601.22	4,825.63
PV of Terminal Value (M)	104,432.20	109,575.54	114,919.57
Equity Value (M)	120,090.00	125,757.70	131,641.12
Shares Outstanding (M)	229.48	229.48	229.48
Fair Value	$523.32	$548.02	$573.66
Upside / Downside	87.42%	96.27%	105.45%

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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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The Travelers Companies, Inc. (TRV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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