DDM Analysis: 044820.KS

Valuation Snapshot

Stable Growth	$30,580.87 - $86,434.14	$47,666.66
Multi-Stage	$33,948.33 - $37,235.18	$35,560.85
Blended Fair Value	$41,613.76
Current Price	$17,990.00
Upside	131.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.96%	-2.80%	349.92	0.00	259.94	233.62	250.04	288.16	100.02	200.03	130.02	239.87
YoY Growth	-	-	0.00%	-100.00%	11.27%	-6.57%	-13.23%	188.12%	-50.00%	53.85%	-45.80%	-48.42%
Dividend Yield	-	-	3.39%	0.00%	2.97%	1.73%	1.52%	2.68%	0.41%	0.59%	0.41%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,168.77
(-) Cash Dividends Paid (M)	4,299.68
(=) Cash Retained (M)	7,869.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,433.75	1,521.10	912.66
Cash Retained (M)	7,869.10	7,869.10	7,869.10
(-) Cash Required (M)	-2,433.75	-1,521.10	-912.66
(=) Excess Retained (M)	5,435.34	6,348.00	6,956.44
(/) Shares Outstanding (M)	9.56	9.56	9.56
(=) Excess Retained per Share	568.73	664.23	727.89
LTM Dividend per Share	449.90	449.90	449.90
(+) Excess Retained per Share	568.73	664.23	727.89
(=) Adjusted Dividend	1,018.63	1,114.12	1,177.79
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	3.00%	4.00%	5.00%
Fair Value	$30,580.87	$47,666.66	$86,434.14
Upside / Downside	69.99%	164.96%	380.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,168.77	12,655.01	13,160.68	13,686.55	14,233.44	14,802.18	15,246.24
Payout Ratio	35.33%	46.27%	57.20%	68.13%	79.07%	90.00%	92.50%
Projected Dividends (M)	4,299.68	5,855.09	7,527.94	9,325.12	11,253.92	13,321.96	14,102.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	3.00%	4.00%	5.00%
Year 1 PV (M)	5,448.63	5,501.53	5,554.43
Year 2 PV (M)	6,519.04	6,646.25	6,774.68
Year 3 PV (M)	7,514.78	7,735.80	7,961.11
Year 4 PV (M)	8,439.55	8,772.12	9,114.42
Year 5 PV (M)	9,296.89	9,757.06	10,235.28
PV of Terminal Value (M)	287,225.33	301,442.28	316,216.70
Equity Value (M)	324,444.23	339,855.04	355,856.62
Shares Outstanding (M)	9.56	9.56	9.56
Fair Value	$33,948.33	$35,560.85	$37,235.18
Upside / Downside	88.71%	97.67%	106.98%

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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%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
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Cosmax BTI, Inc. (044820.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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