DDM Analysis: AHL

Valuation Snapshot

Stable Growth	$64.06 - $103.22	$81.72
Multi-Stage	$102.12 - $112.32	$107.12
Blended Fair Value	$94.42
Current Price	$36.71
Upside	157.22%
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%	14.51%	2.57	0.53	0.53	0.00	0.00	0.00	0.56	0.74	0.69	0.67
YoY Growth	-	-	383.87%	0.75%	0.00%	0.00%	0.00%	-100.00%	-23.67%	6.64%	3.54%	1.19%
Dividend Yield	-	-	7.90%	1.63%	1.62%	0.00%	0.00%	0.00%	1.74%	2.28%	2.13%	2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	453.90
(-) Cash Dividends Paid (M)	31.00
(=) Cash Retained (M)	422.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.78	56.74	34.04
Cash Retained (M)	422.90	422.90	422.90
(-) Cash Required (M)	-90.78	-56.74	-34.04
(=) Excess Retained (M)	332.12	366.16	388.86
(/) Shares Outstanding (M)	75.96	75.96	75.96
(=) Excess Retained per Share	4.37	4.82	5.12
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	4.37	4.82	5.12
(=) Adjusted Dividend	4.78	5.23	5.53
WACC / Discount Rate	7.46%	7.46%	7.46%
Growth Rate	0.00%	1.00%	2.00%
Fair Value	$64.06	$81.72	$103.22
Upside / Downside	74.51%	122.62%	181.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	453.90	458.45	463.05	467.70	472.39	477.13	491.44
Payout Ratio	6.83%	23.46%	40.10%	56.73%	73.37%	90.00%	92.50%
Projected Dividends (M)	31.00	107.57	185.67	265.33	346.57	429.41	454.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.46%	7.46%	7.46%
Growth Rate	0.00%	1.00%	2.00%
Year 1 PV (M)	99.11	100.10	101.09
Year 2 PV (M)	157.61	160.77	163.97
Year 3 PV (M)	207.51	213.79	220.21
Year 4 PV (M)	249.71	259.85	270.30
Year 5 PV (M)	285.06	299.60	314.73
PV of Terminal Value (M)	6,758.85	7,103.61	7,462.30
Equity Value (M)	7,757.85	8,137.73	8,532.59
Shares Outstanding (M)	75.96	75.96	75.96
Fair Value	$102.12	$107.12	$112.32
Upside / Downside	178.19%	191.81%	205.97%

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ASPEN INSURANCE HOLDINGS LTD (AHL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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