DDM Analysis: 163560.KS

Valuation Snapshot

Stable Growth	$10,140.44 - $29,428.72	$15,928.16
Multi-Stage	$10,764.17 - $11,803.00	$11,273.84
Blended Fair Value	$13,601.00
Current Price	$7,450.00
Upside	82.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.25%	16.73%	149.29	119.43	79.62	97.74	95.59	83.78	72.40	70.29	51.08	49.41
YoY Growth	-	-	25.00%	50.00%	-18.53%	2.25%	14.10%	15.70%	3.02%	37.59%	3.39%	55.41%
Dividend Yield	-	-	2.16%	1.49%	1.29%	1.35%	1.04%	2.00%	1.13%	0.96%	0.53%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,778.68
(-) Cash Dividends Paid (M)	2,085.00
(=) Cash Retained (M)	3,693.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,155.74	722.34	433.40
Cash Retained (M)	3,693.68	3,693.68	3,693.68
(-) Cash Required (M)	-1,155.74	-722.34	-433.40
(=) Excess Retained (M)	2,537.95	2,971.35	3,260.28
(/) Shares Outstanding (M)	13.97	13.97	13.97
(=) Excess Retained per Share	181.72	212.76	233.45
LTM Dividend per Share	149.29	149.29	149.29
(+) Excess Retained per Share	181.72	212.76	233.45
(=) Adjusted Dividend	331.02	362.05	382.74
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.17%	4.17%	5.17%
Fair Value	$10,140.44	$15,928.16	$29,428.72
Upside / Downside	36.11%	113.80%	295.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,778.68	6,019.64	6,270.65	6,532.13	6,804.51	7,088.25	7,300.90
Payout Ratio	36.08%	46.86%	57.65%	68.43%	79.22%	90.00%	92.50%
Projected Dividends (M)	2,085.00	2,821.09	3,614.94	4,470.09	5,390.27	6,379.42	6,753.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.17%	4.17%	5.17%
Year 1 PV (M)	2,622.55	2,647.97	2,673.39
Year 2 PV (M)	3,124.04	3,184.89	3,246.34
Year 3 PV (M)	3,591.20	3,696.64	3,804.13
Year 4 PV (M)	4,025.70	4,184.07	4,347.06
Year 5 PV (M)	4,429.14	4,648.00	4,875.42
PV of Terminal Value (M)	132,538.63	139,087.69	145,893.11
Equity Value (M)	150,331.27	157,449.26	164,839.44
Shares Outstanding (M)	13.97	13.97	13.97
Fair Value	$10,764.17	$11,273.84	$11,803.00
Upside / Downside	44.49%	51.33%	58.43%

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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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DRB Industrial Co., Ltd. (163560.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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