DDM Analysis: SPNT

Valuation Snapshot

Stable Growth	$26.73 - $60.74	$38.87
Multi-Stage	$18.67 - $20.41	$19.52
Blended Fair Value	$29.20
Current Price	$18.09
Upside	61.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.57%	82.99%	0.11	0.00	0.00	0.00	0.01	0.02	0.02	0.02	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-52.50%	-15.73%	0.00%	8,381.58%	0.00%	0.00%
Dividend Yield	-	-	0.61%	0.00%	0.00%	0.00%	0.08%	0.24%	0.20%	0.15%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	198.30
(-) Cash Dividends Paid (M)	4.00
(=) Cash Retained (M)	194.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.66	24.79	14.87
Cash Retained (M)	194.30	194.30	194.30
(-) Cash Required (M)	-39.66	-24.79	-14.87
(=) Excess Retained (M)	154.64	169.51	179.43
(/) Shares Outstanding (M)	150.74	150.74	150.74
(=) Excess Retained per Share	1.03	1.12	1.19
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	1.03	1.12	1.19
(=) Adjusted Dividend	1.05	1.15	1.22
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.73	$38.87	$60.74
Upside / Downside	47.77%	114.89%	235.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	198.30	211.19	224.92	239.54	255.11	271.69	279.84
Payout Ratio	2.02%	19.61%	37.21%	54.81%	72.40%	90.00%	92.50%
Projected Dividends (M)	4.00	41.42	83.69	131.28	184.71	244.52	258.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	37.42	37.78	38.13
Year 2 PV (M)	68.30	69.60	70.92
Year 3 PV (M)	96.79	99.57	102.40
Year 4 PV (M)	123.03	127.76	132.62
Year 5 PV (M)	147.13	154.24	161.62
PV of Terminal Value (M)	2,340.97	2,454.04	2,571.44
Equity Value (M)	2,813.65	2,942.99	3,077.13
Shares Outstanding (M)	150.74	150.74	150.74
Fair Value	$18.67	$19.52	$20.41
Upside / Downside	3.18%	7.93%	12.85%

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SiriusPoint Ltd. (SPNT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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