DDM Analysis: TRV

Valuation Snapshot

Stable Growth	$363.18 - $651.20	$483.99
Multi-Stage	$356.76 - $390.46	$373.30
Blended Fair Value	$428.64
Current Price	$279.22
Upside	53.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.42%	2.69%	4.14	3.96	3.81	3.79	3.75	3.68	3.55	3.42	3.30	3.22
YoY Growth	-	-	4.74%	3.77%	0.69%	0.93%	2.01%	3.69%	3.69%	3.70%	2.44%	1.37%
Dividend Yield	-	-	1.57%	1.73%	2.22%	2.07%	2.49%	3.70%	2.57%	2.46%	2.74%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,874.00
(-) Cash Dividends Paid (M)	977.00
(=) Cash Retained (M)	4,897.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,174.80	734.25	440.55
Cash Retained (M)	4,897.00	4,897.00	4,897.00
(-) Cash Required (M)	-1,174.80	-734.25	-440.55
(=) Excess Retained (M)	3,722.20	4,162.75	4,456.45
(/) Shares Outstanding (M)	229.48	229.48	229.48
(=) Excess Retained per Share	16.22	18.14	19.42
LTM Dividend per Share	4.26	4.26	4.26
(+) Excess Retained per Share	16.22	18.14	19.42
(=) Adjusted Dividend	20.48	22.40	23.68
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$363.18	$483.99	$651.20
Upside / Downside	30.07%	73.34%	133.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,874.00	6,138.48	6,414.86	6,703.69	7,005.52	7,320.94	7,540.57
Payout Ratio	16.63%	31.31%	45.98%	60.65%	75.33%	90.00%	92.50%
Projected Dividends (M)	977.00	1,921.72	2,949.52	4,065.99	5,277.01	6,588.85	6,975.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	1,740.76	1,757.58	1,774.40
Year 2 PV (M)	2,420.21	2,467.20	2,514.65
Year 3 PV (M)	3,022.17	3,110.61	3,200.77
Year 4 PV (M)	3,552.97	3,692.28	3,835.65
Year 5 PV (M)	4,018.49	4,216.40	4,422.04
PV of Terminal Value (M)	67,113.14	70,418.50	73,852.83
Equity Value (M)	81,867.75	85,662.59	89,600.34
Shares Outstanding (M)	229.48	229.48	229.48
Fair Value	$356.76	$373.30	$390.46
Upside / Downside	27.77%	33.69%	39.84%

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The Travelers Companies, Inc. (TRV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener