DDM Analysis: BK

Valuation Snapshot

Stable Growth	$123.58 - $246.52	$171.57
Multi-Stage	$115.30 - $126.13	$120.61
Blended Fair Value	$146.09
Current Price	$108.96
Upside	34.08%
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	3.78%	5.90%	1.87	1.75	1.61	1.56	1.55	1.55	1.46	1.25	1.08	1.05
YoY Growth	-	-	6.81%	8.33%	3.46%	0.81%	-0.27%	6.46%	16.76%	15.81%	2.37%	0.00%
Dividend Yield	-	-	2.23%	3.07%	3.55%	3.14%	3.27%	4.61%	2.83%	2.42%	2.28%	2.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,243.00
(-) Cash Dividends Paid (M)	1,419.00
(=) Cash Retained (M)	3,824.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,048.60	655.38	393.23
Cash Retained (M)	3,824.00	3,824.00	3,824.00
(-) Cash Required (M)	-1,048.60	-655.38	-393.23
(=) Excess Retained (M)	2,775.40	3,168.63	3,430.78
(/) Shares Outstanding (M)	721.47	721.47	721.47
(=) Excess Retained per Share	3.85	4.39	4.76
LTM Dividend per Share	1.97	1.97	1.97
(+) Excess Retained per Share	3.85	4.39	4.76
(=) Adjusted Dividend	5.81	6.36	6.72
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	3.90%	4.90%	5.90%
Fair Value	$123.58	$171.57	$246.52
Upside / Downside	13.42%	57.47%	126.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,243.00	5,499.80	5,769.18	6,051.75	6,348.16	6,659.10	6,858.87
Payout Ratio	27.06%	39.65%	52.24%	64.83%	77.41%	90.00%	92.50%
Projected Dividends (M)	1,419.00	2,180.77	3,013.75	3,923.10	4,914.30	5,993.19	6,344.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	3.90%	4.90%	5.90%
Year 1 PV (M)	1,985.54	2,004.65	2,023.76
Year 2 PV (M)	2,498.30	2,546.62	2,595.41
Year 3 PV (M)	2,960.98	3,047.30	3,135.28
Year 4 PV (M)	3,377.04	3,508.94	3,644.67
Year 5 PV (M)	3,749.73	3,933.69	4,124.80
PV of Terminal Value (M)	68,610.05	71,976.02	75,472.83
Equity Value (M)	83,181.63	87,017.22	90,996.74
Shares Outstanding (M)	721.47	721.47	721.47
Fair Value	$115.30	$120.61	$126.13
Upside / Downside	5.81%	10.69%	15.76%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

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The Bank of New York Mellon Corporation (BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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