DDM Analysis: CNH

Valuation Snapshot

Stable Growth	$4.21 - $6.40	$5.24
Multi-Stage	$8.96 - $9.85	$9.40
Blended Fair Value	$7.32
Current Price	$10.85
Upside	-32.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.49%	0.00%	0.48	0.43	0.34	0.15	0.01	0.23	0.19	0.13	0.16	0.00
YoY Growth	-	-	12.83%	27.19%	125.00%	2,250.00%	-97.17%	16.46%	44.64%	-16.42%	0.00%	0.00%
Dividend Yield	-	-	3.94%	3.38%	2.21%	0.95%	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)	597.00
(-) Cash Dividends Paid (M)	329.00
(=) Cash Retained (M)	268.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.40	74.63	44.78
Cash Retained (M)	268.00	268.00	268.00
(-) Cash Required (M)	-119.40	-74.63	-44.78
(=) Excess Retained (M)	148.60	193.38	223.23
(/) Shares Outstanding (M)	1,253.00	1,253.00	1,253.00
(=) Excess Retained per Share	0.12	0.15	0.18
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.12	0.15	0.18
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.21	$5.24	$6.40
Upside / Downside	-61.24%	-51.74%	-40.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	597.00	591.03	585.12	579.27	573.48	567.74	584.77
Payout Ratio	55.11%	62.09%	69.07%	76.04%	83.02%	90.00%	92.50%
Projected Dividends (M)	329.00	366.95	404.11	440.50	476.11	510.97	540.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	339.85	343.32	346.79
Year 2 PV (M)	346.63	353.74	360.93
Year 3 PV (M)	349.94	360.76	371.80
Year 4 PV (M)	350.30	364.82	379.78
Year 5 PV (M)	348.18	366.31	385.19
PV of Terminal Value (M)	9,492.59	9,986.89	10,501.57
Equity Value (M)	11,227.50	11,775.85	12,346.06
Shares Outstanding (M)	1,253.00	1,253.00	1,253.00
Fair Value	$8.96	$9.40	$9.85
Upside / Downside	-17.41%	-13.38%	-9.19%

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CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
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%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
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%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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CNH Industrial N.V. (CNH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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