DDM Analysis: 112610.KS

Valuation Snapshot

Stable Growth	$367,916.44 - $901,078.34	$844,442.37
Multi-Stage	$129,863.09 - $142,211.08	$135,923.38
Blended Fair Value	$490,182.88
Current Price	$41,900.00
Upside	1,069.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.33%	15.27%	492.07	492.07	601.06	410.61	169.26	147.03	131.27	75.62	116.36	195.88
YoY Growth	-	-	0.00%	-18.13%	46.38%	142.60%	15.11%	12.01%	73.59%	-35.01%	-40.60%	64.92%
Dividend Yield	-	-	1.45%	0.86%	0.82%	0.65%	0.22%	1.15%	0.72%	0.46%	1.36%	2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	190,737.50
(-) Cash Dividends Paid (M)	41,438.68
(=) Cash Retained (M)	149,298.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38,147.50	23,842.19	14,305.31
Cash Retained (M)	149,298.82	149,298.82	149,298.82
(-) Cash Required (M)	-38,147.50	-23,842.19	-14,305.31
(=) Excess Retained (M)	111,151.32	125,456.63	134,993.51
(/) Shares Outstanding (M)	42.10	42.10	42.10
(=) Excess Retained per Share	2,640.35	2,980.16	3,206.71
LTM Dividend per Share	984.36	984.36	984.36
(+) Excess Retained per Share	2,640.35	2,980.16	3,206.71
(=) Adjusted Dividend	3,624.70	3,964.52	4,191.06
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$367,916.44	$844,442.37	$901,078.34
Upside / Downside	778.08%	1,915.38%	2,050.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	190,737.50	203,135.44	216,339.24	230,401.29	245,377.37	261,326.90	269,166.71
Payout Ratio	21.73%	35.38%	49.04%	62.69%	76.35%	90.00%	92.50%
Projected Dividends (M)	41,438.68	71,870.13	106,082.60	144,439.03	187,333.60	235,194.21	248,979.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	66,825.33	67,458.75	68,092.16
Year 2 PV (M)	91,712.70	93,459.57	95,222.92
Year 3 PV (M)	116,108.12	119,441.17	122,837.40
Year 4 PV (M)	140,018.81	145,403.54	150,942.11
Year 5 PV (M)	163,451.91	171,346.70	179,543.64
PV of Terminal Value (M)	4,888,761.96	5,124,890.99	5,370,057.23
Equity Value (M)	5,466,878.84	5,722,000.71	5,986,695.46
Shares Outstanding (M)	42.10	42.10	42.10
Fair Value	$129,863.09	$135,923.38	$142,211.08
Upside / Downside	209.94%	224.40%	239.41%

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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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CS Wind Corporation (112610.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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