DDM Analysis: DHI

Valuation Snapshot

Stable Growth	$262.27 - $663.29	$395.10
Multi-Stage	$179.79 - $196.53	$188.01
Blended Fair Value	$291.55
Current Price	$169.47
Upside	72.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.09%	18.37%	1.61	1.28	1.11	1.03	0.94	0.83	0.73	0.61	0.49	0.39
YoY Growth	-	-	25.20%	15.83%	7.80%	9.40%	13.01%	14.59%	18.58%	25.94%	26.03%	29.59%
Dividend Yield	-	-	0.95%	0.92%	0.73%	1.15%	0.87%	1.21%	1.37%	1.76%	0.95%	1.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,585.20
(-) Cash Dividends Paid (M)	494.80
(=) Cash Retained (M)	3,090.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	717.04	448.15	268.89
Cash Retained (M)	3,090.40	3,090.40	3,090.40
(-) Cash Required (M)	-717.04	-448.15	-268.89
(=) Excess Retained (M)	2,373.36	2,642.25	2,821.51
(/) Shares Outstanding (M)	308.13	308.13	308.13
(=) Excess Retained per Share	7.70	8.58	9.16
LTM Dividend per Share	1.61	1.61	1.61
(+) Excess Retained per Share	7.70	8.58	9.16
(=) Adjusted Dividend	9.31	10.18	10.76
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$262.27	$395.10	$663.29
Upside / Downside	54.76%	133.14%	291.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,585.20	3,818.24	4,066.42	4,330.74	4,612.24	4,912.03	5,059.40
Payout Ratio	13.80%	29.04%	44.28%	59.52%	74.76%	90.00%	92.50%
Projected Dividends (M)	494.80	1,108.85	1,800.64	2,577.68	3,448.12	4,420.83	4,679.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,005.49	1,015.02	1,024.55
Year 2 PV (M)	1,480.59	1,508.79	1,537.26
Year 3 PV (M)	1,921.94	1,977.12	2,033.33
Year 4 PV (M)	2,331.30	2,420.96	2,513.17
Year 5 PV (M)	2,710.34	2,841.25	2,977.17
PV of Terminal Value (M)	45,948.86	48,168.21	50,472.50
Equity Value (M)	55,398.53	57,931.34	60,557.98
Shares Outstanding (M)	308.13	308.13	308.13
Fair Value	$179.79	$188.01	$196.53
Upside / Downside	6.09%	10.94%	15.97%

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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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D.R. Horton, Inc. (DHI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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