DDM Analysis: 089030.KQ

Valuation Snapshot

Stable Growth	$2,223.84 - $3,424.72	$2,782.52
Multi-Stage	$4,987.42 - $5,487.39	$5,232.50
Blended Fair Value	$4,007.51
Current Price	$33,350.00
Upside	-87.98%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.15%	0.00%	129.82	129.82	120.76	120.32	120.32	116.72	117.43	110.51	106.21	0.00
YoY Growth	-	-	0.00%	7.50%	0.37%	0.00%	3.08%	-0.61%	6.27%	4.04%	0.00%	0.00%
Dividend Yield	-	-	0.41%	0.39%	1.58%	1.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,682.15
(-) Cash Dividends Paid (M)	4,646.26
(=) Cash Retained (M)	4,035.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,736.43	1,085.27	651.16
Cash Retained (M)	4,035.88	4,035.88	4,035.88
(-) Cash Required (M)	-1,736.43	-1,085.27	-651.16
(=) Excess Retained (M)	2,299.45	2,950.62	3,384.72
(/) Shares Outstanding (M)	35.79	35.79	35.79
(=) Excess Retained per Share	64.25	82.44	94.57
LTM Dividend per Share	129.82	129.82	129.82
(+) Excess Retained per Share	64.25	82.44	94.57
(=) Adjusted Dividend	194.06	212.26	224.39
WACC / Discount Rate	6.55%	6.55%	6.55%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2,223.84	$2,782.52	$3,424.72
Upside / Downside	-93.33%	-91.66%	-89.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,682.15	8,595.32	8,509.37	8,424.28	8,340.03	8,256.63	8,504.33
Payout Ratio	53.52%	60.81%	68.11%	75.41%	82.70%	90.00%	92.50%
Projected Dividends (M)	4,646.26	5,227.00	5,795.65	6,352.42	6,897.46	7,430.97	7,866.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.55%	6.55%	6.55%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,856.04	4,905.59	4,955.14
Year 2 PV (M)	5,002.21	5,104.81	5,208.46
Year 3 PV (M)	5,093.63	5,251.15	5,411.89
Year 4 PV (M)	5,138.16	5,351.11	5,570.61
Year 5 PV (M)	5,142.72	5,410.52	5,689.35
PV of Terminal Value (M)	153,272.16	161,253.40	169,563.71
Equity Value (M)	178,504.91	187,276.57	196,399.16
Shares Outstanding (M)	35.79	35.79	35.79
Fair Value	$4,987.42	$5,232.50	$5,487.39
Upside / Downside	-85.05%	-84.31%	-83.55%

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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%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
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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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Techwing, Inc. (089030.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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