DDM Analysis: TNET

Valuation Snapshot

Stable Growth	$39.53 - $73.81	$53.53
Multi-Stage	$159.06 - $175.50	$167.11
Blended Fair Value	$110.32
Current Price	$66.89
Upside	64.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.00
(-) Cash Dividends Paid (M)	51.00
(=) Cash Retained (M)	82.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.60	16.63	9.98
Cash Retained (M)	82.00	82.00	82.00
(-) Cash Required (M)	-26.60	-16.63	-9.98
(=) Excess Retained (M)	55.40	65.38	72.03
(/) Shares Outstanding (M)	49.00	49.00	49.00
(=) Excess Retained per Share	1.13	1.33	1.47
LTM Dividend per Share	1.04	1.04	1.04
(+) Excess Retained per Share	1.13	1.33	1.47
(=) Adjusted Dividend	2.17	2.38	2.51
WACC / Discount Rate	4.31%	4.31%	4.31%
Growth Rate	-1.12%	-0.12%	0.88%
Fair Value	$39.53	$53.53	$73.81
Upside / Downside	-40.90%	-19.97%	10.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.00	132.84	132.68	132.51	132.35	132.19	136.16
Payout Ratio	38.35%	48.68%	59.01%	69.34%	79.67%	90.00%	92.50%
Projected Dividends (M)	51.00	64.66	78.29	91.88	105.45	118.97	125.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.31%	4.31%	4.31%
Growth Rate	-1.12%	-0.12%	0.88%
Year 1 PV (M)	61.37	61.99	62.61
Year 2 PV (M)	70.52	71.95	73.40
Year 3 PV (M)	78.55	80.96	83.42
Year 4 PV (M)	85.56	89.07	92.69
Year 5 PV (M)	91.62	96.35	101.27
PV of Terminal Value (M)	7,406.13	7,788.29	8,186.06
Equity Value (M)	7,793.74	8,188.60	8,599.45
Shares Outstanding (M)	49.00	49.00	49.00
Fair Value	$159.06	$167.11	$175.50
Upside / Downside	137.79%	149.83%	162.37%

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TriNet Group, Inc. (TNET)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener