DDM Analysis: VZA

Valuation Snapshot

Stable Growth	$37.52 - $61.39	$48.17
Multi-Stage	$60.04 - $65.86	$62.89
Blended Fair Value	$55.53
Current Price	$25.55
Upside	117.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.35%	3.73%	1.65	1.61	1.58	1.53	1.50	1.47	1.43	1.39	1.36	1.25
YoY Growth	-	-	2.03%	2.04%	3.45%	2.08%	2.16%	2.50%	3.17%	2.27%	8.48%	9.42%
Dividend Yield	-	-	6.44%	6.31%	6.19%	5.98%	5.86%	5.74%	5.60%	5.24%	5.13%	4.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,885.00
(-) Cash Dividends Paid (M)	11,419.00
(=) Cash Retained (M)	11,466.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,577.00	2,860.63	1,716.38
Cash Retained (M)	11,466.00	11,466.00	11,466.00
(-) Cash Required (M)	-4,577.00	-2,860.63	-1,716.38
(=) Excess Retained (M)	6,889.00	8,605.38	9,749.63
(/) Shares Outstanding (M)	6,834.24	6,834.24	6,834.24
(=) Excess Retained per Share	1.01	1.26	1.43
LTM Dividend per Share	1.67	1.67	1.67
(+) Excess Retained per Share	1.01	1.26	1.43
(=) Adjusted Dividend	2.68	2.93	3.10
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	0.35%	1.35%	2.35%
Fair Value	$37.52	$48.17	$61.39
Upside / Downside	46.86%	88.55%	140.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,885.00	23,193.74	23,506.64	23,823.76	24,145.16	24,470.90	25,205.02
Payout Ratio	49.90%	57.92%	65.94%	73.96%	81.98%	90.00%	92.50%
Projected Dividends (M)	11,419.00	13,433.31	15,499.90	17,619.80	19,794.07	22,023.81	23,314.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.51%	7.51%	7.51%
Growth Rate	0.35%	1.35%	2.35%
Year 1 PV (M)	12,371.27	12,494.55	12,617.84
Year 2 PV (M)	13,145.93	13,409.23	13,675.15
Year 3 PV (M)	13,762.41	14,177.96	14,601.79
Year 4 PV (M)	14,238.35	14,814.45	15,407.85
Year 5 PV (M)	14,589.76	15,331.35	16,102.78
PV of Terminal Value (M)	342,204.06	359,597.97	377,692.10
Equity Value (M)	410,311.78	429,825.51	450,097.51
Shares Outstanding (M)	6,834.24	6,834.24	6,834.24
Fair Value	$60.04	$62.89	$65.86
Upside / Downside	134.98%	146.16%	157.77%

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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%
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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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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%
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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%
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Verizon Communications, 5.9% 15 Feb 2054 (VZA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener