DDM Analysis: 0YAY.L

Valuation Snapshot

Stable Growth	$82.98 - $246.88	$131.26
Multi-Stage	$55.66 - $60.79	$58.18
Blended Fair Value	$94.72
Current Price	$129.70
Upside	-26.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.91%	20.90%	1.00	0.85	0.80	0.64	0.00	0.68	0.60	0.42	0.39	0.24
YoY Growth	-	-	17.39%	5.50%	25.29%	0.00%	-100.00%	13.98%	41.96%	8.58%	59.91%	62.27%
Dividend Yield	-	-	0.62%	0.44%	0.37%	0.21%	0.00%	0.48%	0.28%	0.36%	0.45%	0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	441.00
(-) Cash Dividends Paid (M)	149.00
(=) Cash Retained (M)	292.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	88.20	55.13	33.08
Cash Retained (M)	292.00	292.00	292.00
(-) Cash Required (M)	-88.20	-55.13	-33.08
(=) Excess Retained (M)	203.80	236.88	258.93
(/) Shares Outstanding (M)	135.46	135.46	135.46
(=) Excess Retained per Share	1.50	1.75	1.91
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	1.50	1.75	1.91
(=) Adjusted Dividend	2.60	2.85	3.01
WACC / Discount Rate	8.81%	8.81%	8.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.98	$131.26	$246.88
Upside / Downside	-36.02%	1.20%	90.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	441.00	469.67	500.19	532.71	567.33	604.21	622.33
Payout Ratio	33.79%	45.03%	56.27%	67.51%	78.76%	90.00%	92.50%
Projected Dividends (M)	149.00	211.49	281.47	359.65	446.82	543.79	575.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.81%	8.81%	8.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.54	194.36	196.19
Year 2 PV (M)	233.29	237.73	242.21
Year 3 PV (M)	271.38	279.17	287.11
Year 4 PV (M)	306.93	318.74	330.88
Year 5 PV (M)	340.07	356.50	373.55
PV of Terminal Value (M)	6,194.98	6,494.20	6,804.88
Equity Value (M)	7,539.19	7,880.70	8,234.82
Shares Outstanding (M)	135.46	135.46	135.46
Fair Value	$55.66	$58.18	$60.79
Upside / Downside	-57.09%	-55.14%	-53.13%

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FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
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WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
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ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
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OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
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NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
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Vitrolife AB (publ) (0YAY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener