DDM Analysis: GAZA.ME

Valuation Snapshot

Stable Growth	$973.74 - $1,353.70	$1,163.96
Multi-Stage	$1,293.63 - $1,421.66	$1,356.41
Blended Fair Value	$1,260.19
Current Price	$423.00
Upside	197.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
DPS	0.00%	0.00%	0.00	0.00	0.00	0.55	0.94	2.39	0.52	3.27	0.00	36.19
YoY Growth	-	-	0.00%	0.00%	-100.00%	-41.45%	-60.81%	356.02%	-84.01%	0.00%	-100.00%	-55.24%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.17%	0.11%	0.18%	0.06%	0.38%	0.00%	4.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,134.97
(-) Cash Dividends Paid (M)	3.10
(=) Cash Retained (M)	3,131.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	626.99	391.87	235.12
Cash Retained (M)	3,131.87	3,131.87	3,131.87
(-) Cash Required (M)	-626.99	-391.87	-235.12
(=) Excess Retained (M)	2,504.87	2,740.00	2,896.75
(/) Shares Outstanding (M)	19.10	19.10	19.10
(=) Excess Retained per Share	131.17	143.48	151.69
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	131.17	143.48	151.69
(=) Adjusted Dividend	131.33	143.64	151.85
WACC / Discount Rate	11.22%	11.22%	11.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$973.74	$1,163.96	$1,353.70
Upside / Downside	130.20%	175.17%	220.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,134.97	3,103.62	3,072.58	3,041.85	3,011.44	2,981.32	3,070.76
Payout Ratio	0.10%	18.08%	36.06%	54.04%	72.02%	90.00%	92.50%
Projected Dividends (M)	3.10	561.11	1,107.95	1,643.80	2,168.83	2,683.19	2,840.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.22%	11.22%	11.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	499.42	504.51	509.61
Year 2 PV (M)	877.72	895.72	913.91
Year 3 PV (M)	1,159.05	1,194.89	1,231.47
Year 4 PV (M)	1,361.11	1,417.53	1,475.67
Year 5 PV (M)	1,498.78	1,576.83	1,658.09
PV of Terminal Value (M)	19,307.63	20,313.03	21,359.87
Equity Value (M)	24,703.71	25,902.51	27,148.62
Shares Outstanding (M)	19.10	19.10	19.10
Fair Value	$1,293.63	$1,356.41	$1,421.66
Upside / Downside	205.82%	220.66%	236.09%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 21 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
GATX	GATX Corporation	1.45%	$2.47	28.36%
SF	Stifel Financial Corp.	1.45%	$1.86	30.82%
0HFN.L	Analog Devices, Inc.	1.44%	$3.90	84.88%
HAYN	Haynes International, Inc.	1.44%	$0.88	30.16%
0I58.L	Cummins Inc.	1.43%	$7.42	38.53%
0HRJ.L	CSX Corporation	1.42%	$0.51	33.32%
OLED	Universal Display Corporation	1.42%	$1.73	37.24%
BBW	Build-A-Bear Workshop, Inc.	1.41%	$0.86	19.50%
LBC	Luther Burbank Corporation	1.41%	$0.13	17.07%
SNDR	Schneider National, Inc.	1.41%	$0.38	58.72%
0R13.L	Church & Dwight Co., Inc.	1.40%	$1.16	36.55%
COHN	Cohen & Company Inc.	1.40%	$0.35	48.05%
HLI	Houlihan Lokey, Inc.	1.40%	$2.48	39.81%
PATK	Patrick Industries, Inc.	1.40%	$1.54	44.05%
CXT	Crane NXT, Co.	1.39%	$0.66	24.82%
ESBA	Empire State Realty OP, L.P.	1.39%	$0.09	49.94%
MMS	Maximus, Inc.	1.39%	$1.21	21.54%
WYNN	Wynn Resorts, Limited	1.39%	$1.70	34.98%
ATEN	A10 Networks, Inc.	1.38%	$0.24	34.61%
HYAC	Haymaker Acquisition Corp. III	1.38%	$0.16	37.41%
ISTR	Investar Holding Corporation	1.38%	$0.36	18.11%
MCY	Mercury General Corporation	1.38%	$1.27	16.00%
ACU	Acme United Corporation	1.37%	$0.55	28.31%
DE	Deere & Company	1.36%	$6.34	34.22%
HYAC-UN	Haymaker Acquisition Corp. 4	1.36%	$0.16	37.41%
RTX	RTX Corporation	1.36%	$2.56	52.52%
0HIN.L	Assurant, Inc.	1.35%	$3.22	19.47%
AL	Air Lease Corporation	1.35%	$0.86	9.51%
BGCP	BGC Partners, Inc.	1.34%	$0.06	11.88%
ESRT	Empire State Realty Trust, Inc.	1.34%	$0.09	49.94%
HUM	Humana Inc.	1.34%	$3.55	33.23%
ZEUS	Olympic Steel, Inc.	1.34%	$0.59	50.16%
0K9L.L	Nucor Corporation	1.33%	$2.22	31.04%
BY	Byline Bancorp, Inc.	1.33%	$0.39	13.97%
LPX	Louisiana-Pacific Corporation	1.33%	$1.09	35.19%
OPOF	Old Point Financial Corporation	1.33%	$0.56	32.91%
WSM	Williams-Sonoma, Inc.	1.33%	$2.50	27.85%
RUSHA	Rush Enterprises, Inc.	1.32%	$0.71	21.15%
VLEOX	Value Line Small Cap Opportunities Fund, Inc. Investor Class	1.32%	$0.79	56.29%
0IW7.L	Global Payments Inc.	1.31%	$1.01	13.82%
APO	Apollo Global Management, Inc.	1.31%	$1.92	27.59%
EMP	Entergy Mississippi, Inc. 1M BD 66	1.31%	$0.27	6.72%
NDSN	Nordson Corporation	1.31%	$3.15	36.67%
ROK	Rockwell Automation, Inc.	1.31%	$5.23	68.01%
UMBF	UMB Financial Corporation	1.31%	$1.52	18.87%
0L3I.L	The Charles Schwab Corporation	1.30%	$1.29	28.42%
0R2X.L	Corning Incorporated	1.30%	$1.15	72.69%
EBAY	eBay Inc.	1.30%	$1.13	24.20%
GGG	Graco Inc.	1.30%	$1.07	36.31%
HES	Hess Corporation	1.30%	$1.94	26.90%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

PJSC GAZ (GAZA.ME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener