DDM Analysis: FBFWX

Valuation Snapshot

Stable Growth	$19.19 - $32.45	$24.98
Multi-Stage	$32.00 - $35.07	$33.51
Blended Fair Value	$29.24
Current Price	$13.38
Upside	118.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.08%	2.08%	1.20	1.20	1.01	0.20	0.30	1.20	1.35	1.19	1.19	1.19
YoY Growth	-	-	0.04%	19.34%	398.51%	-32.38%	-75.05%	-11.68%	13.46%	0.02%	0.15%	21.93%
Dividend Yield	-	-	9.42%	9.92%	8.83%	1.60%	2.41%	11.43%	12.08%	10.84%	11.05%	11.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,151.00
(-) Cash Dividends Paid (M)	2,513.54
(=) Cash Retained (M)	637.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	630.20	393.88	236.33
Cash Retained (M)	637.46	637.46	637.46
(-) Cash Required (M)	-630.20	-393.88	-236.33
(=) Excess Retained (M)	7.26	243.59	401.14
(/) Shares Outstanding (M)	1,997.75	1,997.75	1,997.75
(=) Excess Retained per Share	0.00	0.12	0.20
LTM Dividend per Share	1.26	1.26	1.26
(+) Excess Retained per Share	0.00	0.12	0.20
(=) Adjusted Dividend	1.26	1.38	1.46
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.53%	1.53%	2.53%
Fair Value	$19.19	$24.98	$32.45
Upside / Downside	43.45%	86.71%	142.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,151.00	3,199.25	3,248.23	3,297.97	3,348.46	3,399.73	3,501.73
Payout Ratio	79.77%	81.82%	83.86%	85.91%	87.95%	90.00%	92.50%
Projected Dividends (M)	2,513.54	2,617.48	2,724.02	2,833.21	2,945.10	3,059.76	3,239.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.53%	1.53%	2.53%
Year 1 PV (M)	2,418.98	2,443.04	2,467.10
Year 2 PV (M)	2,326.52	2,373.04	2,420.01
Year 3 PV (M)	2,236.27	2,303.67	2,372.41
Year 4 PV (M)	2,148.29	2,235.06	2,324.42
Year 5 PV (M)	2,062.66	2,167.31	2,276.17
PV of Terminal Value (M)	52,738.29	55,413.97	58,197.18
Equity Value (M)	63,931.01	66,936.09	70,057.29
Shares Outstanding (M)	1,997.75	1,997.75	1,997.75
Fair Value	$32.00	$33.51	$35.07
Upside / Downside	139.17%	150.42%	162.09%

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298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
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NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
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ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
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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%
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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%
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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%
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American Funds Retirement Income Portfolio - Moderate Class F-1 (FBFWX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener