DDM Analysis: CFG-PD

Valuation Snapshot

Stable Growth	$60.09 - $113.92	$81.84
Multi-Stage	$71.70 - $78.52	$75.05
Blended Fair Value	$78.44
Current Price	$53.16
Upside	47.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.50%	-0.47%	1.75	1.84	1.77	1.52	1.53	1.40	1.07	0.73	0.55	0.49
YoY Growth	-	-	-4.83%	3.72%	16.27%	-0.30%	8.91%	31.00%	46.27%	33.61%	12.62%	-73.45%
Dividend Yield	-	-	4.27%	5.16%	5.83%	3.36%	3.46%	7.46%	3.17%	1.74%	1.59%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,704.00
(-) Cash Dividends Paid (M)	743.00
(=) Cash Retained (M)	961.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	340.80	213.00	127.80
Cash Retained (M)	961.00	961.00	961.00
(-) Cash Required (M)	-340.80	-213.00	-127.80
(=) Excess Retained (M)	620.20	748.00	833.20
(/) Shares Outstanding (M)	439.76	439.76	439.76
(=) Excess Retained per Share	1.41	1.70	1.89
LTM Dividend per Share	1.69	1.69	1.69
(+) Excess Retained per Share	1.41	1.70	1.89
(=) Adjusted Dividend	3.10	3.39	3.58
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	2.50%	3.50%	4.50%
Fair Value	$60.09	$81.84	$113.92
Upside / Downside	13.03%	53.95%	114.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,704.00	1,763.69	1,825.47	1,889.41	1,955.60	2,024.10	2,084.82
Payout Ratio	43.60%	52.88%	62.16%	71.44%	80.72%	90.00%	92.50%
Projected Dividends (M)	743.00	932.69	1,134.75	1,349.82	1,578.57	1,821.69	1,928.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	2.50%	3.50%	4.50%
Year 1 PV (M)	856.91	865.27	873.63
Year 2 PV (M)	957.86	976.64	995.61
Year 3 PV (M)	1,046.84	1,077.78	1,109.32
Year 4 PV (M)	1,124.79	1,169.33	1,215.18
Year 5 PV (M)	1,192.57	1,251.89	1,313.54
PV of Terminal Value (M)	26,351.79	27,662.53	29,024.92
Equity Value (M)	31,530.77	33,003.45	34,532.21
Shares Outstanding (M)	439.76	439.76	439.76
Fair Value	$71.70	$75.05	$78.52
Upside / Downside	34.88%	41.17%	47.71%

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Financial Statements

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Sector

Citizens Financial Group, Inc. (CFG-PD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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