DDM Analysis: 030610.KS

Valuation Snapshot

Stable Growth	$37,741.11 - $208,731.61	$72,648.64
Multi-Stage	$46,408.75 - $51,019.85	$48,670.33
Blended Fair Value	$60,659.48
Current Price	$9,150.00
Upside	562.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.68%	0.00%	36.15	28.93	114.12	190.57	123.66	108.18	92.73	52.23	46.09	30.73
YoY Growth	-	-	24.99%	-74.65%	-40.12%	54.11%	14.30%	16.67%	77.52%	13.33%	50.00%	0.00%
Dividend Yield	-	-	0.62%	0.57%	2.25%	2.49%	1.57%	1.83%	0.97%	0.53%	0.49%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121,581.83
(-) Cash Dividends Paid (M)	8,159.39
(=) Cash Retained (M)	113,422.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24,316.37	15,197.73	9,118.64
Cash Retained (M)	113,422.44	113,422.44	113,422.44
(-) Cash Required (M)	-24,316.37	-15,197.73	-9,118.64
(=) Excess Retained (M)	89,106.08	98,224.71	104,303.80
(/) Shares Outstanding (M)	112.88	112.88	112.88
(=) Excess Retained per Share	789.36	870.13	923.99
LTM Dividend per Share	72.28	72.28	72.28
(+) Excess Retained per Share	789.36	870.13	923.99
(=) Adjusted Dividend	861.64	942.42	996.27
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	2.76%	3.76%	4.76%
Fair Value	$37,741.11	$72,648.64	$208,731.61
Upside / Downside	312.47%	693.97%	2,181.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121,581.83	126,149.39	130,888.54	135,805.73	140,907.65	146,201.23	150,587.27
Payout Ratio	6.71%	23.37%	40.03%	56.68%	73.34%	90.00%	92.50%
Projected Dividends (M)	8,159.39	29,479.63	52,390.25	76,980.68	103,344.77	131,581.11	139,293.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	2.76%	3.76%	4.76%
Year 1 PV (M)	27,778.06	28,048.39	28,318.72
Year 2 PV (M)	46,516.87	47,426.65	48,345.25
Year 3 PV (M)	64,405.31	66,303.99	68,239.63
Year 4 PV (M)	81,472.02	84,690.07	88,002.52
Year 5 PV (M)	97,744.76	102,594.36	107,634.56
PV of Terminal Value (M)	4,920,912.08	5,165,062.72	5,418,809.42
Equity Value (M)	5,238,829.10	5,494,126.18	5,759,350.10
Shares Outstanding (M)	112.88	112.88	112.88
Fair Value	$46,408.75	$48,670.33	$51,019.85
Upside / Downside	407.20%	431.92%	457.59%

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CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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Kyobo Securities Co ., Ltd (030610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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