DDM Analysis: 0RE6.L

Valuation Snapshot

Stable Growth	$145.80 - $253.54	$191.94
Multi-Stage	$224.28 - $246.49	$235.17
Blended Fair Value	$213.56
Current Price	$122.00
Upside	75.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.82%	7.91%	3.88	3.58	3.48	3.38	3.38	3.38	3.17	0.00	1.87	1.81
YoY Growth	-	-	8.45%	2.90%	2.99%	0.00%	0.00%	6.35%	0.00%	-100.00%	3.10%	0.00%
Dividend Yield	-	-	3.53%	3.28%	3.34%	3.34%	3.22%	2.99%	2.78%	0.00%	2.44%	2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	176.08
(-) Cash Dividends Paid (M)	28.05
(=) Cash Retained (M)	148.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.22	22.01	13.21
Cash Retained (M)	148.04	148.04	148.04
(-) Cash Required (M)	-35.22	-22.01	-13.21
(=) Excess Retained (M)	112.82	126.03	134.83
(/) Shares Outstanding (M)	15.68	15.68	15.68
(=) Excess Retained per Share	7.20	8.04	8.60
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	7.20	8.04	8.60
(=) Adjusted Dividend	8.98	9.83	10.39
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.82%	1.82%	2.82%
Fair Value	$145.80	$191.94	$253.54
Upside / Downside	19.51%	57.33%	107.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	176.08	179.29	182.56	185.88	189.27	192.71	198.49
Payout Ratio	15.93%	30.74%	45.56%	60.37%	75.19%	90.00%	92.50%
Projected Dividends (M)	28.05	55.12	83.17	112.22	142.30	173.44	183.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	0.82%	1.82%	2.82%
Year 1 PV (M)	50.99	51.49	52.00
Year 2 PV (M)	71.17	72.59	74.03
Year 3 PV (M)	88.84	91.51	94.24
Year 4 PV (M)	104.22	108.42	112.74
Year 5 PV (M)	117.52	123.46	129.65
PV of Terminal Value (M)	3,083.58	3,239.56	3,401.80
Equity Value (M)	3,516.33	3,687.05	3,864.45
Shares Outstanding (M)	15.68	15.68	15.68
Fair Value	$224.28	$235.17	$246.49
Upside / Downside	83.84%	92.77%	102.04%

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Walliser Kantonalbank (0RE6.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener