DDM Analysis: NNI

Valuation Snapshot

Stable Growth	$209.60 - $430.57	$294.16
Multi-Stage	$213.52 - $234.10	$223.62
Blended Fair Value	$258.89
Current Price	$125.38
Upside	106.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.73%	8.22%	1.12	1.08	1.00	0.95	0.87	0.81	0.74	0.66	0.58	0.52
YoY Growth	-	-	3.59%	7.68%	6.24%	8.43%	7.78%	9.86%	11.38%	13.73%	11.37%	2.60%
Dividend Yield	-	-	1.01%	1.16%	1.09%	1.11%	1.20%	1.78%	1.32%	1.26%	1.33%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	433.86
(-) Cash Dividends Paid (M)	41.32
(=) Cash Retained (M)	392.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	86.77	54.23	32.54
Cash Retained (M)	392.55	392.55	392.55
(-) Cash Required (M)	-86.77	-54.23	-32.54
(=) Excess Retained (M)	305.77	338.31	360.01
(/) Shares Outstanding (M)	36.44	36.44	36.44
(=) Excess Retained per Share	8.39	9.29	9.88
LTM Dividend per Share	1.13	1.13	1.13
(+) Excess Retained per Share	8.39	9.29	9.88
(=) Adjusted Dividend	9.53	10.42	11.01
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	3.24%	4.24%	5.24%
Fair Value	$209.60	$294.16	$430.57
Upside / Downside	67.17%	134.62%	243.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	433.86	452.27	471.46	491.46	512.31	534.04	550.06
Payout Ratio	9.52%	25.62%	41.71%	57.81%	73.90%	90.00%	92.50%
Projected Dividends (M)	41.32	115.86	196.66	284.11	378.62	480.64	508.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	3.24%	4.24%	5.24%
Year 1 PV (M)	106.32	107.35	108.38
Year 2 PV (M)	165.59	168.81	172.06
Year 3 PV (M)	219.50	225.94	232.51
Year 4 PV (M)	268.42	278.97	289.83
Year 5 PV (M)	312.67	328.10	344.15
PV of Terminal Value (M)	6,707.33	7,038.52	7,382.66
Equity Value (M)	7,779.82	8,147.69	8,529.59
Shares Outstanding (M)	36.44	36.44	36.44
Fair Value	$213.52	$223.62	$234.10
Upside / Downside	70.30%	78.35%	86.71%

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Nelnet, Inc. (NNI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener