DDM Analysis: CBA.AX

Valuation Snapshot

Stable Growth	$296.04 - $953.00	$478.62
Multi-Stage	$314.18 - $343.97	$328.79
Blended Fair Value	$403.71
Current Price	$184.75
Upside	118.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.83%	2.52%	4.60	4.41	4.12	3.78	2.39	4.42	3.97	3.11	3.52	3.37
YoY Growth	-	-	4.28%	7.11%	8.91%	58.16%	-45.84%	11.32%	27.71%	-11.80%	4.41%	-6.02%
Dividend Yield	-	-	2.49%	3.50%	4.11%	4.19%	2.40%	6.36%	4.82%	4.26%	4.25%	4.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,524.00
(-) Cash Dividends Paid (M)	15,572.00
(=) Cash Retained (M)	3,952.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,904.80	2,440.50	1,464.30
Cash Retained (M)	3,952.00	3,952.00	3,952.00
(-) Cash Required (M)	-3,904.80	-2,440.50	-1,464.30
(=) Excess Retained (M)	47.20	1,511.50	2,487.70
(/) Shares Outstanding (M)	1,727.00	1,727.00	1,727.00
(=) Excess Retained per Share	0.03	0.88	1.44
LTM Dividend per Share	9.02	9.02	9.02
(+) Excess Retained per Share	0.03	0.88	1.44
(=) Adjusted Dividend	9.04	9.89	10.46
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	3.28%	4.28%	5.28%
Fair Value	$296.04	$478.62	$953.00
Upside / Downside	60.24%	159.06%	415.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,524.00	20,359.41	21,230.56	22,138.99	23,086.29	24,074.13	24,796.35
Payout Ratio	79.76%	81.81%	83.85%	85.90%	87.95%	90.00%	92.50%
Projected Dividends (M)	15,572.00	16,655.34	17,802.88	19,018.12	20,304.77	21,666.71	22,936.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	3.28%	4.28%	5.28%
Year 1 PV (M)	15,498.43	15,648.50	15,798.56
Year 2 PV (M)	15,415.55	15,715.51	16,018.37
Year 3 PV (M)	15,323.95	15,773.40	16,231.55
Year 4 PV (M)	15,224.24	15,822.50	16,438.21
Year 5 PV (M)	15,116.97	15,863.14	16,638.48
PV of Terminal Value (M)	466,002.48	489,004.01	512,904.98
Equity Value (M)	542,581.63	567,827.06	594,030.15
Shares Outstanding (M)	1,727.00	1,727.00	1,727.00
Fair Value	$314.18	$328.79	$343.97
Upside / Downside	70.05%	77.97%	86.18%

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600191.SS	Baotou Huazi Industry Co., Ltd	0.06%	$0.01	9.61%
600288.SS	Daheng New Epoch Technology Inc.	0.06%	$0.01	8.37%
600486.SS	Jiangsu Yangnong Chemical Co., Ltd.	0.06%	$0.04	1.25%
600490.SS	Pengxin International Mining Co.,Ltd	0.06%	$0.00	4.03%
600615.SS	Chongqing Fenghwa Group Co., Ltd.	0.06%	$0.01	15.34%
600654.SS	China Security Co., Ltd.	0.06%	$0.00	3.19%
603068.SS	Beken Corporation	0.06%	$0.02	19.57%
603328.SS	Guangdong Ellington Electronics Technology Co.,Ltd	0.06%	$0.01	1.50%
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688696.SS	Chengdu Xgimi Technology Co.,Ltd.	0.06%	$0.07	1.87%
AAIF.L	abrdn Asian Income Fund Limited	0.06%	$0.16	36.85%
AKSGY.IS	Akis Gayrimenkul Yatirim Ortakligi A.S.	0.06%	$0.00	0.27%
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BAKK.L	Bakkavor Group plc	0.06%	$0.15	87.07%
BLV.L	Belvoir Group PLC	0.06%	$0.17	44.51%
BNZL.L	Bunzl plc	0.06%	$1.26	47.00%
BRIG.L	BlackRock Income and Growth Investment Trust plc	0.06%	$0.14	68.68%
BWY.L	Bellway p.l.c.	0.06%	$1.69	70.03%
CAPD.L	Capital Limited	0.06%	$0.07	24.60%
CASP.L	Caspian Sunrise plc	0.06%	$0.00	25.15%
CSSG.L	Croma Security Solutions Group plc	0.06%	$0.04	46.50%
DNET.JK	PT Indoritel Makmur Internasional Tbk.	0.06%	$5.00	6.08%
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EPWN.L	Epwin Group Plc	0.06%	$0.07	37.55%
ETGA.TA	ETGA Group Ltd	0.06%	$1.55	89.99%
FIBIH.TA	F.I.B.I. Holdings Ltd	0.06%	$16.92	41.38%
HSL.L	The Henderson Smaller Companies Investment Trust plc	0.06%	$0.50	70.94%
HSX.L	Hiscox Ltd	0.06%	$0.77	20.38%
HVO.L	hVIVO plc	0.06%	$0.00	12.02%
IBT.L	International Biotechnology Trust plc	0.06%	$0.61	57.78%
IDIN.TA	I.D.I. Insurance Company Ltd.	0.06%	$14.75	68.21%
IGG.L	IG Group Holdings plc	0.06%	$0.81	31.08%
IHP.L	IntegraFin Holdings plc	0.06%	$0.21	67.29%
ITRK.L	Intertek Group plc	0.06%	$2.66	64.13%
IVPU.L	Invesco Perpetual Select Trust plc - UK Equity Share Portfolio	0.06%	$0.12	35.31%
JMI.L	JPMorgan UK Smaller Companies Investment Trust Plc	0.06%	$0.16	23.47%
JUGI.L	JPMorgan UK Small Cap Growth & Income Plc	0.06%	$0.20	53.22%
LAAC	Lithium Americas (Argentina) Corp.	0.06%	$0.00	0.02%
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MGRO.JK	PT Mahkota Group Tbk	0.06%	$0.43	7.88%
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Financial Statements

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Commonwealth Bank of Australia (CBA.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener