DDM Analysis: CALM

Valuation Snapshot

Stable Growth	$488.27 - $1,035.48	$693.14
Multi-Stage	$363.30 - $396.43	$379.57
Blended Fair Value	$536.35
Current Price	$115.64
Upside	363.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	21.05%	6.77	1.88	5.17	0.13	0.03	0.00	0.86	0.00	0.00	2.48
YoY Growth	-	-	259.57%	-63.59%	4,024.44%	270.28%	0.00%	-100.00%	0.00%	0.00%	-100.00%	147.27%
Dividend Yield	-	-	5.86%	2.61%	10.85%	0.23%	0.09%	0.00%	2.11%	0.00%	0.00%	5.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,269.41
(-) Cash Dividends Paid (M)	406.70
(=) Cash Retained (M)	862.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	253.88	158.68	95.21
Cash Retained (M)	862.72	862.72	862.72
(-) Cash Required (M)	-253.88	-158.68	-95.21
(=) Excess Retained (M)	608.83	704.04	767.51
(/) Shares Outstanding (M)	48.76	48.76	48.76
(=) Excess Retained per Share	12.49	14.44	15.74
LTM Dividend per Share	8.34	8.34	8.34
(+) Excess Retained per Share	12.49	14.44	15.74
(=) Adjusted Dividend	20.83	22.78	24.08
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$488.27	$693.14	$1,035.48
Upside / Downside	322.23%	499.40%	795.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,269.41	1,351.92	1,439.80	1,533.39	1,633.06	1,739.20	1,791.38
Payout Ratio	32.04%	43.63%	55.22%	66.82%	78.41%	90.00%	92.50%
Projected Dividends (M)	406.70	589.85	795.10	1,024.54	1,280.44	1,565.28	1,657.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	531.19	536.23	541.26
Year 2 PV (M)	644.82	657.11	669.50
Year 3 PV (M)	748.27	769.75	791.64
Year 4 PV (M)	842.17	874.56	907.87
Year 5 PV (M)	927.14	971.92	1,018.41
PV of Terminal Value (M)	14,021.11	14,698.33	15,401.48
Equity Value (M)	17,714.70	18,507.89	19,330.16
Shares Outstanding (M)	48.76	48.76	48.76
Fair Value	$363.30	$379.57	$396.43
Upside / Downside	214.16%	228.23%	242.81%

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Financial Statements

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Cal-Maine Foods, Inc. (CALM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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