DDM Analysis: UNITED.HE

Valuation Snapshot

Stable Growth	$155.61 - $596.76	$445.60
Multi-Stage	$74.96 - $81.94	$78.39
Blended Fair Value	$261.99
Current Price	$17.05
Upside	1,436.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.39%	22.75%	0.99	0.89	0.76	0.49	0.41	0.36	0.28	0.14	0.32	0.19
YoY Growth	-	-	12.11%	16.52%	56.58%	18.29%	13.48%	29.04%	99.74%	-56.47%	69.64%	48.58%
Dividend Yield	-	-	5.58%	6.07%	5.59%	3.42%	3.84%	4.11%	3.90%	2.06%	4.27%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.80
(-) Cash Dividends Paid (M)	17.68
(=) Cash Retained (M)	15.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.56	4.10	2.46
Cash Retained (M)	15.11	15.11	15.11
(-) Cash Required (M)	-6.56	-4.10	-2.46
(=) Excess Retained (M)	8.56	11.02	12.65
(/) Shares Outstanding (M)	10.93	10.93	10.93
(=) Excess Retained per Share	0.78	1.01	1.16
LTM Dividend per Share	1.62	1.62	1.62
(+) Excess Retained per Share	0.78	1.01	1.16
(=) Adjusted Dividend	2.40	2.63	2.78
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$155.61	$445.60	$596.76
Upside / Downside	812.66%	2,513.47%	3,400.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.80	34.93	37.20	39.61	42.19	44.93	46.28
Payout Ratio	53.91%	61.13%	68.35%	75.56%	82.78%	90.00%	92.50%
Projected Dividends (M)	17.68	21.35	25.42	29.93	34.93	40.44	42.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.74	19.93	20.12
Year 2 PV (M)	21.74	22.15	22.57
Year 3 PV (M)	23.67	24.35	25.04
Year 4 PV (M)	25.54	26.52	27.53
Year 5 PV (M)	27.34	28.66	30.03
PV of Terminal Value (M)	701.22	735.09	770.25
Equity Value (M)	819.24	856.70	895.54
Shares Outstanding (M)	10.93	10.93	10.93
Fair Value	$74.96	$78.39	$81.94
Upside / Downside	339.64%	359.74%	380.59%

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601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
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7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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United Bankers Oyj (UNITED.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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