DDM Analysis: FDX

Valuation Snapshot

Stable Growth	$617.75 - $3,383.95	$1,196.94
Multi-Stage	$354.38 - $387.45	$370.61
Blended Fair Value	$783.78
Current Price	$231.07
Upside	239.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.55%	19.42%	5.53	5.20	4.86	3.27	2.83	2.80	2.82	2.21	1.76	1.14
YoY Growth	-	-	6.35%	6.97%	48.42%	15.60%	1.03%	-0.59%	27.66%	25.59%	53.79%	22.03%
Dividend Yield	-	-	2.39%	1.74%	1.86%	1.55%	1.07%	1.27%	1.78%	0.91%	0.82%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,122.00
(-) Cash Dividends Paid (M)	1,345.00
(=) Cash Retained (M)	2,777.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	824.40	515.25	309.15
Cash Retained (M)	2,777.00	2,777.00	2,777.00
(-) Cash Required (M)	-824.40	-515.25	-309.15
(=) Excess Retained (M)	1,952.60	2,261.75	2,467.85
(/) Shares Outstanding (M)	242.25	242.25	242.25
(=) Excess Retained per Share	8.06	9.34	10.19
LTM Dividend per Share	5.55	5.55	5.55
(+) Excess Retained per Share	8.06	9.34	10.19
(=) Adjusted Dividend	13.61	14.89	15.74
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$617.75	$1,196.94	$3,383.95
Upside / Downside	167.34%	418.00%	1,364.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,122.00	4,389.93	4,675.28	4,979.17	5,302.81	5,647.50	5,816.92
Payout Ratio	32.63%	44.10%	55.58%	67.05%	78.53%	90.00%	92.50%
Projected Dividends (M)	1,345.00	1,936.13	2,598.42	3,338.63	4,164.09	5,082.75	5,380.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,778.76	1,795.62	1,812.48
Year 2 PV (M)	2,193.20	2,234.97	2,277.14
Year 3 PV (M)	2,588.94	2,663.26	2,738.98
Year 4 PV (M)	2,966.59	3,080.68	3,198.02
Year 5 PV (M)	3,326.75	3,487.44	3,654.27
PV of Terminal Value (M)	72,993.44	76,519.05	80,179.60
Equity Value (M)	85,847.69	89,781.02	93,860.50
Shares Outstanding (M)	242.25	242.25	242.25
Fair Value	$354.38	$370.61	$387.45
Upside / Downside	53.36%	60.39%	67.68%

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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%
605080.SS	Zhejiang Natural Outdoor Goods Inc.	0.06%	$0.01	0.98%
688017.SS	Leader Harmonious Drive Systems Co., Ltd.	0.06%	$0.12	25.12%
688585.SS	Swancor Advanced Materials Co., Ltd.	0.06%	$0.07	34.27%
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%
ALTF.TA	Altshuler Shaham Finance Ltd	0.06%	$0.42	73.06%
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%
DWHA.L	Dewhurst Group Plc	0.06%	$0.36	25.82%
ELSPC.TA	Elspec Engineering Ltd	0.06%	$0.25	80.53%
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%
LWDB.L	The Law Debenture Corporation p.l.c.	0.06%	$0.66	28.04%
MGRO.JK	PT Mahkota Group Tbk	0.06%	$0.43	7.88%
MTVW.L	Mountview Estates PLC	0.06%	$5.25	42.08%
NAWI.TA	Nawi Brothers Group Ltd	0.06%	$3.28	46.36%
NTN.L	Northern 3 VCT PLC	0.06%	$0.05	76.12%
PSON.L	Pearson plc	0.06%	$0.63	53.29%
RCDO.L	Ricardo plc	0.06%	$0.24	49.35%
RMKE.JK	PT RMK Energy Tbk	0.06%	$3.50	6.74%
SALM.OL	SalMar ASA	0.06%	$0.36	4.26%

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FedEx Corporation (FDX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener