DDM Analysis: USB

Valuation Snapshot

Stable Growth	$103.31 - $263.90	$156.14
Multi-Stage	$92.87 - $101.60	$97.16
Blended Fair Value	$126.65
Current Price	$48.33
Upside	162.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.82%	6.00%	1.98	1.91	1.78	1.65	1.64	1.57	1.34	1.24	1.16	1.14
YoY Growth	-	-	4.11%	6.99%	7.64%	1.06%	4.46%	16.78%	8.51%	6.52%	1.86%	2.95%
Dividend Yield	-	-	4.70%	4.33%	4.94%	3.11%	2.96%	4.55%	2.73%	2.45%	2.25%	2.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,188.00
(-) Cash Dividends Paid (M)	3,140.00
(=) Cash Retained (M)	4,048.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,437.60	898.50	539.10
Cash Retained (M)	4,048.00	4,048.00	4,048.00
(-) Cash Required (M)	-1,437.60	-898.50	-539.10
(=) Excess Retained (M)	2,610.40	3,149.50	3,508.90
(/) Shares Outstanding (M)	1,559.00	1,559.00	1,559.00
(=) Excess Retained per Share	1.67	2.02	2.25
LTM Dividend per Share	2.01	2.01	2.01
(+) Excess Retained per Share	1.67	2.02	2.25
(=) Adjusted Dividend	3.69	4.03	4.26
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	4.00%	5.00%	6.00%
Fair Value	$103.31	$156.14	$263.90
Upside / Downside	113.77%	223.07%	446.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,188.00	7,547.65	7,925.29	8,321.82	8,738.20	9,175.41	9,450.67
Payout Ratio	43.68%	52.95%	62.21%	71.47%	80.74%	90.00%	92.50%
Projected Dividends (M)	3,140.00	3,996.26	4,930.35	5,947.90	7,054.94	8,257.86	8,741.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	4.00%	5.00%	6.00%
Year 1 PV (M)	3,674.65	3,709.98	3,745.31
Year 2 PV (M)	4,168.71	4,249.26	4,330.58
Year 3 PV (M)	4,624.34	4,759.01	4,896.28
Year 4 PV (M)	5,043.60	5,240.40	5,442.89
Year 5 PV (M)	5,428.47	5,694.51	5,970.88
PV of Terminal Value (M)	121,840.66	127,811.92	134,015.04
Equity Value (M)	144,780.42	151,465.08	158,400.98
Shares Outstanding (M)	1,559.00	1,559.00	1,559.00
Fair Value	$92.87	$97.16	$101.60
Upside / Downside	92.15%	101.02%	110.23%

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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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ETGA.TA	ETGA Group Ltd	0.06%	$1.55	89.99%
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U.S. Bancorp (USB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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