DDM Analysis: RS

Valuation Snapshot

Stable Growth	$201.74 - $371.88	$271.80
Multi-Stage	$227.41 - $249.00	$238.00
Blended Fair Value	$254.90
Current Price	$280.83
Upside	-9.23%
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	10.54%	8.67%	4.67	4.45	4.06	3.31	3.07	2.83	2.72	2.47	2.25	2.25
YoY Growth	-	-	4.87%	9.67%	22.66%	7.86%	8.46%	4.13%	10.08%	9.63%	0.25%	10.49%
Dividend Yield	-	-	1.62%	1.34%	1.58%	1.81%	2.01%	3.23%	2.95%	2.88%	2.81%	3.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	728.20
(-) Cash Dividends Paid (M)	252.40
(=) Cash Retained (M)	475.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	145.64	91.03	54.62
Cash Retained (M)	475.80	475.80	475.80
(-) Cash Required (M)	-145.64	-91.03	-54.62
(=) Excess Retained (M)	330.16	384.78	421.19
(/) Shares Outstanding (M)	53.48	53.48	53.48
(=) Excess Retained per Share	6.17	7.19	7.88
LTM Dividend per Share	4.72	4.72	4.72
(+) Excess Retained per Share	6.17	7.19	7.88
(=) Adjusted Dividend	10.89	11.91	12.59
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	2.74%	3.74%	4.74%
Fair Value	$201.74	$271.80	$371.88
Upside / Downside	-28.16%	-3.22%	32.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	728.20	755.46	783.73	813.07	843.50	875.07	901.32
Payout Ratio	34.66%	45.73%	56.80%	67.86%	78.93%	90.00%	92.50%
Projected Dividends (M)	252.40	345.46	445.13	551.78	665.79	787.56	833.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	2.74%	3.74%	4.74%
Year 1 PV (M)	315.94	319.01	322.09
Year 2 PV (M)	372.30	379.59	386.94
Year 3 PV (M)	422.07	434.51	447.20
Year 4 PV (M)	465.75	484.15	503.09
Year 5 PV (M)	503.85	528.86	554.84
PV of Terminal Value (M)	10,082.50	10,582.81	11,102.78
Equity Value (M)	12,162.41	12,728.92	13,316.94
Shares Outstanding (M)	53.48	53.48	53.48
Fair Value	$227.41	$238.00	$249.00
Upside / Downside	-19.02%	-15.25%	-11.34%

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Reliance Steel & Aluminum Co. (RS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener