DDM Analysis: L

Valuation Snapshot

Stable Growth	$66.55 - $103.80	$83.73
Multi-Stage	$102.36 - $112.57	$107.37
Blended Fair Value	$95.55
Current Price	$100.39
Upside	-4.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.26%	-5.32%	0.26	0.27	0.29	0.31	0.33	0.36	0.38	0.40	0.40	0.42
YoY Growth	-	-	-3.51%	-6.56%	-6.15%	-7.14%	-7.89%	-5.00%	-4.76%	0.00%	-6.67%	-5.26%
Dividend Yield	-	-	0.28%	0.35%	0.50%	0.47%	0.64%	1.03%	0.77%	0.80%	0.85%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,452.00
(-) Cash Dividends Paid (M)	52.00
(=) Cash Retained (M)	1,400.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290.40	181.50	108.90
Cash Retained (M)	1,400.00	1,400.00	1,400.00
(-) Cash Required (M)	-290.40	-181.50	-108.90
(=) Excess Retained (M)	1,109.60	1,218.50	1,291.10
(/) Shares Outstanding (M)	212.30	212.30	212.30
(=) Excess Retained per Share	5.23	5.74	6.08
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	5.23	5.74	6.08
(=) Adjusted Dividend	5.47	5.98	6.33
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-0.22%	0.78%	1.78%
Fair Value	$66.55	$83.73	$103.80
Upside / Downside	-33.70%	-16.60%	3.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,452.00	1,463.36	1,474.81	1,486.34	1,497.97	1,509.69	1,554.98
Payout Ratio	3.58%	20.87%	38.15%	55.43%	72.72%	90.00%	92.50%
Projected Dividends (M)	52.00	305.33	562.62	823.92	1,089.27	1,358.72	1,438.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-0.22%	0.78%	1.78%
Year 1 PV (M)	279.95	282.75	285.56
Year 2 PV (M)	472.96	482.48	492.11
Year 3 PV (M)	635.03	654.31	673.98
Year 4 PV (M)	769.75	801.07	833.34
Year 5 PV (M)	880.33	925.34	972.17
PV of Terminal Value (M)	18,692.25	19,647.87	20,642.17
Equity Value (M)	21,730.26	22,793.83	23,899.33
Shares Outstanding (M)	212.30	212.30	212.30
Fair Value	$102.36	$107.37	$112.57
Upside / Downside	1.96%	6.95%	12.14%

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Loews Corporation (L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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