DDM Analysis: 060250.KQ

Valuation Snapshot

Stable Growth	$23,189.56 - $50,294.12	$33,182.36
Multi-Stage	$16,586.26 - $18,128.93	$17,343.59
Blended Fair Value	$25,262.97
Current Price	$18,680.00
Upside	35.24%
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	19.59%	28.87%	202.48	202.48	0.00	0.00	130.57	82.78	0.00	0.00	55.69	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	57.73%	0.00%	0.00%	-100.00%	0.00%	-100.00%
Dividend Yield	-	-	2.72%	1.65%	0.00%	0.00%	0.44%	0.49%	0.00%	0.00%	0.86%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45,948.45
(-) Cash Dividends Paid (M)	3,866.63
(=) Cash Retained (M)	42,081.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,189.69	5,743.56	3,446.13
Cash Retained (M)	42,081.82	42,081.82	42,081.82
(-) Cash Required (M)	-9,189.69	-5,743.56	-3,446.13
(=) Excess Retained (M)	32,892.13	36,338.27	38,635.69
(/) Shares Outstanding (M)	38.19	38.19	38.19
(=) Excess Retained per Share	861.20	951.43	1,011.58
LTM Dividend per Share	101.24	101.24	101.24
(+) Excess Retained per Share	861.20	951.43	1,011.58
(=) Adjusted Dividend	962.44	1,052.66	1,112.82
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23,189.56	$33,182.36	$50,294.12
Upside / Downside	24.14%	77.64%	169.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45,948.45	48,935.10	52,115.89	55,503.42	59,111.14	62,953.36	64,841.96
Payout Ratio	8.42%	24.73%	41.05%	57.37%	73.68%	90.00%	92.50%
Projected Dividends (M)	3,866.63	12,102.69	21,393.10	31,840.12	43,554.88	56,658.03	59,978.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,911.18	11,014.60	11,118.03
Year 2 PV (M)	17,388.15	17,719.35	18,053.67
Year 3 PV (M)	23,331.59	24,001.36	24,683.82
Year 4 PV (M)	28,773.74	29,880.30	31,018.47
Year 5 PV (M)	33,745.11	35,375.01	37,067.30
PV of Terminal Value (M)	519,337.52	544,421.72	570,465.95
Equity Value (M)	633,487.30	662,412.34	692,407.23
Shares Outstanding (M)	38.19	38.19	38.19
Fair Value	$16,586.26	$17,343.59	$18,128.93
Upside / Downside	-11.21%	-7.15%	-2.95%

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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%
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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%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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NHN KCP Corp. (060250.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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