DDM Analysis: ULS

Valuation Snapshot

Stable Growth	$36.23 - $90.69	$54.41
Multi-Stage	$46.80 - $51.38	$49.04
Blended Fair Value	$51.72
Current Price	$70.86
Upside	-27.00%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	70.21%	0.00%	0.49	3.35	7.89	0.99	0.04	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	-85.29%	-57.50%	700.00%	2,122.22%	28.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.87%	9.60%	22.59%	2.82%	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)	339.00
(-) Cash Dividends Paid (M)	103.00
(=) Cash Retained (M)	236.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.80	42.38	25.43
Cash Retained (M)	236.00	236.00	236.00
(-) Cash Required (M)	-67.80	-42.38	-25.43
(=) Excess Retained (M)	168.20	193.63	210.58
(/) Shares Outstanding (M)	202.75	202.75	202.75
(=) Excess Retained per Share	0.83	0.95	1.04
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.83	0.95	1.04
(=) Adjusted Dividend	1.34	1.46	1.55
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	2.39%	3.39%	4.39%
Fair Value	$36.23	$54.41	$90.69
Upside / Downside	-48.87%	-23.22%	27.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	339.00	350.50	362.39	374.68	387.39	400.52	412.54
Payout Ratio	30.38%	42.31%	54.23%	66.15%	78.08%	90.00%	92.50%
Projected Dividends (M)	103.00	148.28	196.52	247.86	302.46	360.47	381.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	2.39%	3.39%	4.39%
Year 1 PV (M)	138.31	139.66	141.02
Year 2 PV (M)	170.98	174.34	177.73
Year 3 PV (M)	201.15	207.10	213.17
Year 4 PV (M)	228.95	238.03	247.37
Year 5 PV (M)	254.52	267.19	280.36
PV of Terminal Value (M)	8,494.19	8,917.16	9,356.81
Equity Value (M)	9,488.10	9,943.48	10,416.46
Shares Outstanding (M)	202.75	202.75	202.75
Fair Value	$46.80	$49.04	$51.38
Upside / Downside	-33.96%	-30.79%	-27.50%

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UL Solutions Inc. (ULS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener