DDM Analysis: PNR

Valuation Snapshot

Stable Growth	$645.21 - $760.59	$712.59
Multi-Stage	$392.95 - $432.42	$412.31
Blended Fair Value	$562.45
Current Price	$110.76
Upside	407.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.42%	-3.23%	0.92	0.87	0.83	0.80	0.77	0.74	1.13	1.52	1.47	1.39
YoY Growth	-	-	4.89%	4.76%	4.21%	4.64%	3.59%	-34.46%	-25.63%	3.33%	5.14%	9.60%
Dividend Yield	-	-	1.05%	1.04%	1.51%	1.48%	1.23%	2.48%	2.48%	3.31%	3.48%	3.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	654.10
(-) Cash Dividends Paid (M)	161.30
(=) Cash Retained (M)	492.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	130.82	81.76	49.06
Cash Retained (M)	492.80	492.80	492.80
(-) Cash Required (M)	-130.82	-81.76	-49.06
(=) Excess Retained (M)	361.98	411.04	443.74
(/) Shares Outstanding (M)	166.13	166.13	166.13
(=) Excess Retained per Share	2.18	2.47	2.67
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	2.18	2.47	2.67
(=) Adjusted Dividend	3.15	3.45	3.64
WACC / Discount Rate	2.14%	2.14%	2.14%
Growth Rate	2.42%	3.42%	4.42%
Fair Value	$645.21	$712.59	$760.59
Upside / Downside	482.53%	543.36%	586.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	654.10	676.45	699.56	723.47	748.19	773.75	796.97
Payout Ratio	24.66%	37.73%	50.80%	63.86%	76.93%	90.00%	92.50%
Projected Dividends (M)	161.30	255.21	355.35	462.04	575.60	696.38	737.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.14%	2.14%	2.14%
Growth Rate	2.42%	3.42%	4.42%
Year 1 PV (M)	247.45	249.86	252.28
Year 2 PV (M)	334.06	340.62	347.24
Year 3 PV (M)	421.15	433.60	446.30
Year 4 PV (M)	508.70	528.86	549.62
Year 5 PV (M)	596.73	626.43	657.31
PV of Terminal Value (M)	63,170.18	66,314.97	69,583.77
Equity Value (M)	65,278.27	68,494.35	71,836.52
Shares Outstanding (M)	166.13	166.13	166.13
Fair Value	$392.95	$412.31	$432.42
Upside / Downside	254.77%	272.25%	290.42%

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Pentair plc (PNR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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