DDM Analysis: TRV

Valuation Snapshot

Stable Growth	$612.22 - $1,708.58	$950.68
Multi-Stage	$591.13 - $648.25	$619.16
Blended Fair Value	$784.92
Current Price	$279.22
Upside	181.11%
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	6.96%	6.96%	6.96%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$612.22	$950.68	$1,708.58
Upside / Downside	119.26%	240.48%	511.91%

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	6.96%	6.96%	6.96%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	1,779.40	1,796.59	1,813.78
Year 2 PV (M)	2,528.84	2,577.94	2,627.51
Year 3 PV (M)	3,227.89	3,322.36	3,418.65
Year 4 PV (M)	3,879.05	4,031.15	4,187.68
Year 5 PV (M)	4,484.68	4,705.55	4,935.04
PV of Terminal Value (M)	119,749.79	125,647.54	131,775.40
Equity Value (M)	135,649.65	142,081.12	148,758.06
Shares Outstanding (M)	229.48	229.48	229.48
Fair Value	$591.13	$619.16	$648.25
Upside / Downside	111.71%	121.75%	132.17%

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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

High-Yield Dividend Screener