DDM Analysis: MCD

Valuation Snapshot

Stable Growth	$775.38 - $2,260.54	$2,117.83
Multi-Stage	$1,095.76 - $1,205.50	$1,149.58
Blended Fair Value	$1,633.71
Current Price	$292.17
Upside	459.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.34%	4.24%	6.78	6.31	5.81	5.46	5.23	4.99	4.54	4.30	4.26	4.50
YoY Growth	-	-	7.44%	8.75%	6.37%	4.42%	4.77%	10.01%	5.40%	1.01%	-5.33%	0.44%
Dividend Yield	-	-	2.17%	2.25%	2.08%	2.21%	2.33%	3.02%	2.41%	2.75%	3.29%	3.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,415.00
(-) Cash Dividends Paid (M)	5,061.00
(=) Cash Retained (M)	3,354.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,683.00	1,051.88	631.13
Cash Retained (M)	3,354.00	3,354.00	3,354.00
(-) Cash Required (M)	-1,683.00	-1,051.88	-631.13
(=) Excess Retained (M)	1,671.00	2,302.13	2,722.88
(/) Shares Outstanding (M)	717.85	717.85	717.85
(=) Excess Retained per Share	2.33	3.21	3.79
LTM Dividend per Share	7.05	7.05	7.05
(+) Excess Retained per Share	2.33	3.21	3.79
(=) Adjusted Dividend	9.38	10.26	10.84
WACC / Discount Rate	3.47%	3.47%	3.47%
Growth Rate	2.24%	3.24%	4.24%
Fair Value	$775.38	$2,117.83	$2,260.54
Upside / Downside	165.39%	624.86%	673.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,415.00	8,687.35	8,968.52	9,258.79	9,558.45	9,867.82	10,163.85
Payout Ratio	60.14%	66.11%	72.09%	78.06%	84.03%	90.00%	92.50%
Projected Dividends (M)	5,061.00	5,743.56	6,465.01	7,227.14	8,031.83	8,881.04	9,401.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.47%	3.47%	3.47%
Growth Rate	2.24%	3.24%	4.24%
Year 1 PV (M)	5,497.01	5,550.78	5,604.55
Year 2 PV (M)	5,921.89	6,038.30	6,155.85
Year 3 PV (M)	6,335.82	6,523.56	6,714.97
Year 4 PV (M)	6,739.01	7,006.57	7,282.01
Year 5 PV (M)	7,131.66	7,487.33	7,857.06
PV of Terminal Value (M)	754,965.63	792,617.52	831,756.88
Equity Value (M)	786,591.02	825,224.07	865,371.32
Shares Outstanding (M)	717.85	717.85	717.85
Fair Value	$1,095.76	$1,149.58	$1,205.50
Upside / Downside	275.04%	293.46%	312.60%

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McDonald's Corporation (MCD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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