DDM Analysis: RY

Valuation Snapshot

Stable Growth	$765.97 - $2,867.39	$2,282.34
Multi-Stage	$360.73 - $394.51	$377.31
Blended Fair Value	$1,329.83
Current Price	$205.12
Upside	548.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.80%	6.79%	6.23	4.70	3.93	4.93	4.55	4.48	4.27	3.99	3.76	3.54
YoY Growth	-	-	32.59%	19.61%	-20.27%	8.41%	1.37%	5.11%	6.83%	6.23%	6.24%	9.49%
Dividend Yield	-	-	3.04%	2.65%	3.00%	3.62%	3.14%	4.30%	4.08%	3.99%	3.56%	3.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,362.00
(-) Cash Dividends Paid (M)	8,800.00
(=) Cash Retained (M)	11,562.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,072.40	2,545.25	1,527.15
Cash Retained (M)	11,562.00	11,562.00	11,562.00
(-) Cash Required (M)	-4,072.40	-2,545.25	-1,527.15
(=) Excess Retained (M)	7,489.60	9,016.75	10,034.85
(/) Shares Outstanding (M)	1,412.26	1,412.26	1,412.26
(=) Excess Retained per Share	5.30	6.38	7.11
LTM Dividend per Share	6.23	6.23	6.23
(+) Excess Retained per Share	5.30	6.38	7.11
(=) Adjusted Dividend	11.53	12.62	13.34
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$765.97	$2,282.34	$2,867.39
Upside / Downside	273.42%	1,012.68%	1,297.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,362.00	21,685.53	23,095.09	24,596.27	26,195.03	27,897.70	28,734.64
Payout Ratio	43.22%	52.57%	61.93%	71.29%	80.64%	90.00%	92.50%
Projected Dividends (M)	8,800.00	11,401.00	14,302.94	17,533.97	21,124.60	25,107.93	26,579.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,546.35	10,646.31	10,746.28
Year 2 PV (M)	12,238.94	12,472.06	12,707.38
Year 3 PV (M)	13,878.99	14,277.41	14,683.38
Year 4 PV (M)	15,467.69	16,062.54	16,674.37
Year 5 PV (M)	17,006.20	17,827.61	18,680.45
PV of Terminal Value (M)	440,311.30	461,578.50	483,659.65
Equity Value (M)	509,449.48	532,864.43	557,151.50
Shares Outstanding (M)	1,412.26	1,412.26	1,412.26
Fair Value	$360.73	$377.31	$394.51
Upside / Downside	75.87%	83.95%	92.33%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Royal Bank of Canada (RY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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