DDM Analysis: 460940.KQ

Valuation Snapshot

Stable Growth	$1,536.44 - $2,177.17	$1,852.68
Multi-Stage	$2,264.26 - $2,488.44	$2,374.18
Blended Fair Value	$2,113.43
Current Price	$7,250.00
Upside	-70.85%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,103.64
(-) Cash Dividends Paid (M)	323.59
(=) Cash Retained (M)	2,780.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	620.73	387.96	232.77
Cash Retained (M)	2,780.06	2,780.06	2,780.06
(-) Cash Required (M)	-620.73	-387.96	-232.77
(=) Excess Retained (M)	2,159.33	2,392.10	2,547.28
(/) Shares Outstanding (M)	13.25	13.25	13.25
(=) Excess Retained per Share	162.92	180.49	192.20
LTM Dividend per Share	24.42	24.42	24.42
(+) Excess Retained per Share	162.92	180.49	192.20
(=) Adjusted Dividend	187.34	204.90	216.61
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,536.44	$1,852.68	$2,177.17
Upside / Downside	-78.81%	-74.45%	-69.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,103.64	3,072.61	3,041.88	3,011.46	2,981.35	2,951.53	3,040.08
Payout Ratio	10.43%	26.34%	42.26%	58.17%	74.09%	90.00%	92.50%
Projected Dividends (M)	323.59	809.35	1,285.37	1,751.78	2,208.74	2,656.38	2,812.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	728.68	736.11	743.55
Year 2 PV (M)	1,041.90	1,063.27	1,084.86
Year 3 PV (M)	1,278.43	1,317.96	1,358.31
Year 4 PV (M)	1,451.24	1,511.39	1,573.38
Year 5 PV (M)	1,571.39	1,653.22	1,738.42
PV of Terminal Value (M)	23,937.82	25,184.32	26,482.21
Equity Value (M)	30,009.45	31,466.27	32,980.72
Shares Outstanding (M)	13.25	13.25	13.25
Fair Value	$2,264.26	$2,374.18	$2,488.44
Upside / Downside	-68.77%	-67.25%	-65.68%

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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%
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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%
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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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P&S Robotics Co., Ltd. (460940.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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