DDM Analysis: 039840.KQ

Valuation Snapshot

Stable Growth	$3,422.91 - $5,106.30	$4,223.61
Multi-Stage	$6,466.72 - $7,115.47	$6,784.75
Blended Fair Value	$5,504.18
Current Price	$17,450.00
Upside	-68.46%
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	0.00%	0.00%	72.06	0.00	0.00	61.62	0.00	0.00	77.63	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.42%	0.00%	0.00%	0.17%	0.00%	0.00%	0.20%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,084.11
(-) Cash Dividends Paid (M)	1,643.48
(=) Cash Retained (M)	4,440.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,216.82	760.51	456.31
Cash Retained (M)	4,440.64	4,440.64	4,440.64
(-) Cash Required (M)	-1,216.82	-760.51	-456.31
(=) Excess Retained (M)	3,223.81	3,680.12	3,984.33
(/) Shares Outstanding (M)	14.57	14.57	14.57
(=) Excess Retained per Share	221.26	252.58	273.46
LTM Dividend per Share	112.80	112.80	112.80
(+) Excess Retained per Share	221.26	252.58	273.46
(=) Adjusted Dividend	334.06	365.37	386.25
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3,422.91	$4,223.61	$5,106.30
Upside / Downside	-80.38%	-75.80%	-70.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,084.11	6,023.27	5,963.04	5,903.41	5,844.37	5,785.93	5,959.51
Payout Ratio	27.01%	39.61%	52.21%	64.81%	77.40%	90.00%	92.50%
Projected Dividends (M)	1,643.48	2,385.82	3,113.16	3,825.71	4,523.69	5,207.34	5,512.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,195.64	2,218.05	2,240.45
Year 2 PV (M)	2,636.62	2,690.70	2,745.33
Year 3 PV (M)	2,981.81	3,074.03	3,168.12
Year 4 PV (M)	3,244.78	3,379.26	3,517.88
Year 5 PV (M)	3,437.40	3,616.40	3,802.77
PV of Terminal Value (M)	79,725.51	83,877.01	88,199.67
Equity Value (M)	94,221.76	98,855.43	103,674.22
Shares Outstanding (M)	14.57	14.57	14.57
Fair Value	$6,466.72	$6,784.75	$7,115.47
Upside / Downside	-62.94%	-61.12%	-59.22%

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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%
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HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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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%
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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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DIO Corporation (039840.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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