DDM Analysis: TNET

Valuation Snapshot

Stable Growth	$39.68 - $74.27	$53.78
Multi-Stage	$161.66 - $178.38	$169.86
Blended Fair Value	$111.82
Current Price	$66.89
Upside	67.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.00
(-) Cash Dividends Paid (M)	51.00
(=) Cash Retained (M)	82.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.60	16.63	9.98
Cash Retained (M)	82.00	82.00	82.00
(-) Cash Required (M)	-26.60	-16.63	-9.98
(=) Excess Retained (M)	55.40	65.38	72.03
(/) Shares Outstanding (M)	49.00	49.00	49.00
(=) Excess Retained per Share	1.13	1.33	1.47
LTM Dividend per Share	1.04	1.04	1.04
(+) Excess Retained per Share	1.13	1.33	1.47
(=) Adjusted Dividend	2.17	2.38	2.51
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	-1.12%	-0.12%	0.88%
Fair Value	$39.68	$53.78	$74.27
Upside / Downside	-40.67%	-19.59%	11.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.00	132.84	132.68	132.51	132.35	132.19	136.16
Payout Ratio	38.35%	48.68%	59.01%	69.34%	79.67%	90.00%	92.50%
Projected Dividends (M)	51.00	64.66	78.29	91.88	105.45	118.97	125.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	-1.12%	-0.12%	0.88%
Year 1 PV (M)	61.38	62.00	62.62
Year 2 PV (M)	70.55	71.98	73.43
Year 3 PV (M)	78.60	81.01	83.47
Year 4 PV (M)	85.62	89.14	92.76
Year 5 PV (M)	91.71	96.44	101.37
PV of Terminal Value (M)	7,533.61	7,922.34	8,326.97
Equity Value (M)	7,921.47	8,322.92	8,740.62
Shares Outstanding (M)	49.00	49.00	49.00
Fair Value	$161.66	$169.86	$178.38
Upside / Downside	141.68%	153.93%	166.68%

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TriNet Group, Inc. (TNET)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener