DDM Analysis: SAFT

Valuation Snapshot

Stable Growth	$82.56 - $148.65	$110.21
Multi-Stage	$129.12 - $141.60	$135.24
Blended Fair Value	$122.72
Current Price	$70.69
Upside	73.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.25%	3.10%	3.61	3.61	3.59	3.66	3.70	3.57	3.31	3.08	2.86	2.84
YoY Growth	-	-	0.06%	0.48%	-1.80%	-1.04%	3.62%	7.90%	7.38%	7.56%	0.69%	6.80%
Dividend Yield	-	-	4.58%	4.46%	4.82%	4.03%	4.39%	4.23%	3.74%	4.01%	4.09%	4.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.27
(-) Cash Dividends Paid (M)	53.65
(=) Cash Retained (M)	33.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.45	10.91	6.55
Cash Retained (M)	33.63	33.63	33.63
(-) Cash Required (M)	-17.45	-10.91	-6.55
(=) Excess Retained (M)	16.17	22.72	27.08
(/) Shares Outstanding (M)	14.75	14.75	14.75
(=) Excess Retained per Share	1.10	1.54	1.84
LTM Dividend per Share	3.64	3.64	3.64
(+) Excess Retained per Share	1.10	1.54	1.84
(=) Adjusted Dividend	4.73	5.18	5.47
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	1.10%	2.10%	3.10%
Fair Value	$82.56	$110.21	$148.65
Upside / Downside	16.79%	55.91%	110.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.27	89.11	90.98	92.88	94.83	96.82	99.73
Payout Ratio	61.47%	67.17%	72.88%	78.59%	84.29%	90.00%	92.50%
Projected Dividends (M)	53.65	59.86	66.30	72.99	79.94	87.14	92.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	1.10%	2.10%	3.10%
Year 1 PV (M)	55.45	56.00	56.54
Year 2 PV (M)	56.90	58.03	59.17
Year 3 PV (M)	58.03	59.76	61.54
Year 4 PV (M)	58.86	61.23	63.66
Year 5 PV (M)	59.44	62.44	65.56
PV of Terminal Value (M)	1,616.36	1,697.89	1,782.69
Equity Value (M)	1,905.03	1,995.35	2,089.16
Shares Outstanding (M)	14.75	14.75	14.75
Fair Value	$129.12	$135.24	$141.60
Upside / Downside	82.65%	91.31%	100.30%

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DAB.CO	Danske Andelskassers Bank A/S	2.24%	$0.44	37.84%
KBSB.ME	PJSC TNS energo Kuban	2.24%	$17.99	36.50%
002179.SZ	AVIC Jonhon Optronic Technology Co.,Ltd.	2.23%	$0.79	65.31%
1083.HK	Towngas Smart Energy Company Limited	2.23%	$0.08	11.47%
192080.KS	DoubleUGames Co., Ltd.	2.23%	$1,217.63	14.93%
300791.SZ	Sirio Pharma Co., Ltd.	2.23%	$0.58	51.03%
603012.SS	Shanghai Chuangli Group Co., Ltd.	2.23%	$0.13	54.71%
603987.SS	Shanghai Kindly Enterprise Development Group Co.,LTD.	2.23%	$0.19	34.34%
6070.SR	Al-Jouf Agricultural Development Co.	2.23%	$0.98	36.81%
GCG-A.TO	Guardian Capital Group Limited	2.23%	$1.50	20.18%
IPN.PA	Ipsen S.A.	2.23%	$2.59	19.16%
TYA.MI	Toscana Aeroporti S.p.A.	2.23%	$0.42	42.81%
137310.KS	SD BioSensor, Inc	2.22%	$201.49	21.35%
3569.T	Seiren Co.,Ltd.	2.22%	$68.04	26.55%
601901.SS	Founder Securities Co., Ltd.	2.22%	$0.17	35.28%
603609.SS	Wellhope Foods Co., Ltd.	2.22%	$0.16	75.23%
688016.SS	Shanghai MicroPort Endovascular MedTech Co., Ltd.	2.22%	$2.03	65.07%
7034.KL	Thong Guan Industries Berhad	2.22%	$0.03	17.13%
9436.T	Okinawa Cellular Telephone Company	2.22%	$62.90	45.77%
IEI.V	Imperial Equities Inc.	2.22%	$0.08	13.05%
ISKJ.ME	Public Joint-Stock Company "Human Stem Cells Institute"	2.22%	$1.52	89.44%
LKD.WA	Lokum Deweloper S.A.	2.22%	$0.50	34.19%
MEDICAB.MX	Médica Sur, S.A.B. de C.V.	2.22%	$1.31	29.76%
TKC.BK	Turnkey Communication Services Public Company Limited	2.22%	$0.20	68.90%
0696.HK	TravelSky Technology Limited	2.21%	$0.23	18.19%
183190.KS	Asia Cement Co.,Ltd.	2.21%	$264.78	21.44%
300673.SZ	Petpal Pet Nutrition Technology Co., Ltd.	2.21%	$0.40	68.30%
4292.SR	Ataa Educational Company	2.21%	$1.30	66.22%
4519.T	Chugai Pharmaceutical Co., Ltd.	2.21%	$182.19	75.49%
5607.TW	Farglory F T Z Investment Holding Co.,Ltd.	2.21%	$1.08	41.76%
600062.SS	China Resources Double-Crane Pharmaceutical Co.,Ltd.	2.21%	$0.40	26.61%
603288.SS	Foshan Haitian Flavouring and Food Company Ltd.	2.21%	$0.82	69.84%
7864.T	Fuji Seal International, Inc.	2.21%	$69.41	23.64%
BLES.JK	Superior Prima Sukses Tbk.	2.21%	$3.60	28.62%
ELI.BR	Elia Group SA/NV	2.21%	$2.48	30.58%
NTEK-B.ST	Novotek AB	2.21%	$1.80	26.45%
SWEC-A.ST	Sweco AB (publ)	2.21%	$3.28	54.95%
069960.KS	Hyundai Department Store Co. Ltd.	2.20%	$1,867.65	22.60%
300415.SZ	Guangdong Yizumi Precision Machinery Co.,Ltd.	2.20%	$0.57	38.08%
3176.T	Sanyo Trading Co., Ltd.	2.20%	$32.80	20.58%
3227.TWO	PixArt Imaging Inc.	2.20%	$4.52	34.58%
600030.SS	CITIC Securities Company Limited	2.20%	$0.63	33.43%
603345.SS	Anjoy Foods Group Co., Ltd.	2.20%	$1.74	41.75%
603693.SS	Jiangsu New Energy Development Co., Ltd.	2.20%	$0.26	60.61%
6508.T	Meidensha Corporation	2.20%	$122.78	30.24%
8002.T	Marubeni Corporation	2.20%	$95.62	27.63%
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JCQ.PA	Jacquet Metals S.A.	2.20%	$0.44	94.90%
OLT.OL	Olav Thon Eiendomsselskap ASA	2.20%	$7.33	30.72%
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Safety Insurance Group, Inc. (SAFT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener