DDM Analysis: VRTS

Valuation Snapshot

Stable Growth	$337.40 - $675.94	$469.15
Multi-Stage	$262.01 - $285.53	$273.56
Blended Fair Value	$371.35
Current Price	$190.03
Upside	95.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.91%	21.66%	8.28	7.42	6.73	4.48	3.25	2.42	2.00	1.79	1.96	2.29
YoY Growth	-	-	11.67%	10.14%	50.44%	37.77%	34.30%	20.94%	11.58%	-8.66%	-14.16%	96.13%
Dividend Yield	-	-	4.80%	3.06%	3.54%	1.86%	1.38%	3.18%	1.95%	1.45%	1.85%	2.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.24
(-) Cash Dividends Paid (M)	64.19
(=) Cash Retained (M)	72.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.25	17.03	10.22
Cash Retained (M)	72.05	72.05	72.05
(-) Cash Required (M)	-27.25	-17.03	-10.22
(=) Excess Retained (M)	44.80	55.02	61.83
(/) Shares Outstanding (M)	7.02	7.02	7.02
(=) Excess Retained per Share	6.38	7.84	8.81
LTM Dividend per Share	9.15	9.15	9.15
(+) Excess Retained per Share	6.38	7.84	8.81
(=) Adjusted Dividend	15.53	16.98	17.95
WACC / Discount Rate	10.36%	10.36%	10.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$337.40	$469.15	$675.94
Upside / Downside	77.55%	146.88%	255.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.24	145.10	154.53	164.57	175.27	186.66	192.26
Payout Ratio	47.12%	55.69%	64.27%	72.85%	81.42%	90.00%	92.50%
Projected Dividends (M)	64.19	80.81	99.32	119.89	142.71	167.99	177.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.36%	10.36%	10.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	72.54	73.23	73.91
Year 2 PV (M)	80.03	81.55	83.09
Year 3 PV (M)	86.71	89.20	91.74
Year 4 PV (M)	92.66	96.22	99.89
Year 5 PV (M)	97.91	102.64	107.55
PV of Terminal Value (M)	1,409.19	1,477.25	1,547.92
Equity Value (M)	1,839.04	1,920.10	2,004.10
Shares Outstanding (M)	7.02	7.02	7.02
Fair Value	$262.01	$273.56	$285.53
Upside / Downside	37.88%	43.95%	50.25%

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Virtus Investment Partners, Inc. (VRTS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener