DDM Analysis: 085370.KQ

Valuation Snapshot

Stable Growth	$22,819.68 - $53,040.76	$33,440.69
Multi-Stage	$16,364.57 - $17,867.64	$17,102.52
Blended Fair Value	$25,271.61
Current Price	$36,400.00
Upside	-30.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	42.51%	0.00%	190.00	0.00	4.34	5.84	28.05	32.33	20.21	9.48	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-25.82%	-79.17%	-13.22%	59.92%	113.18%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.75%	0.00%	0.02%	0.03%	0.14%	0.16%	0.10%	0.05%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,696.95
(-) Cash Dividends Paid (M)	8,264.27
(=) Cash Retained (M)	20,432.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,739.39	3,587.12	2,152.27
Cash Retained (M)	20,432.68	20,432.68	20,432.68
(-) Cash Required (M)	-5,739.39	-3,587.12	-2,152.27
(=) Excess Retained (M)	14,693.29	16,845.56	18,280.40
(/) Shares Outstanding (M)	26.17	26.17	26.17
(=) Excess Retained per Share	561.47	643.72	698.55
LTM Dividend per Share	315.80	315.80	315.80
(+) Excess Retained per Share	561.47	643.72	698.55
(=) Adjusted Dividend	877.28	959.52	1,014.35
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22,819.68	$33,440.69	$53,040.76
Upside / Downside	-37.31%	-8.13%	45.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,696.95	30,562.25	32,548.79	34,664.47	36,917.66	39,317.30	40,496.82
Payout Ratio	28.80%	41.04%	53.28%	65.52%	77.76%	90.00%	92.50%
Projected Dividends (M)	8,264.27	12,542.36	17,341.69	22,711.94	28,707.05	35,385.57	37,459.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11,340.88	11,448.38	11,555.87
Year 2 PV (M)	14,178.37	14,448.42	14,721.03
Year 3 PV (M)	16,790.22	17,272.20	17,763.33
Year 4 PV (M)	19,189.25	19,927.22	20,686.26
Year 5 PV (M)	21,387.65	22,420.68	23,493.25
PV of Terminal Value (M)	345,359.74	362,040.74	379,360.17
Equity Value (M)	428,246.10	447,557.64	467,579.91
Shares Outstanding (M)	26.17	26.17	26.17
Fair Value	$16,364.57	$17,102.52	$17,867.64
Upside / Downside	-55.04%	-53.02%	-50.91%

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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%
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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%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
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Lutronic Corporation (085370.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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