DDM Analysis: CNH

Valuation Snapshot

Stable Growth	$4.21 - $6.40	$5.24
Multi-Stage	$8.96 - $9.85	$9.40
Blended Fair Value	$7.32
Current Price	$10.85
Upside	-32.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.49%	0.00%	0.48	0.43	0.34	0.15	0.01	0.23	0.19	0.13	0.16	0.00
YoY Growth	-	-	12.83%	27.19%	125.00%	2,250.00%	-97.17%	16.46%	44.64%	-16.42%	0.00%	0.00%
Dividend Yield	-	-	3.94%	3.38%	2.21%	0.95%	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)	597.00
(-) Cash Dividends Paid (M)	329.00
(=) Cash Retained (M)	268.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.40	74.63	44.78
Cash Retained (M)	268.00	268.00	268.00
(-) Cash Required (M)	-119.40	-74.63	-44.78
(=) Excess Retained (M)	148.60	193.38	223.23
(/) Shares Outstanding (M)	1,253.00	1,253.00	1,253.00
(=) Excess Retained per Share	0.12	0.15	0.18
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.12	0.15	0.18
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.21	$5.24	$6.40
Upside / Downside	-61.24%	-51.74%	-40.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	597.00	591.03	585.12	579.27	573.48	567.74	584.77
Payout Ratio	55.11%	62.09%	69.07%	76.04%	83.02%	90.00%	92.50%
Projected Dividends (M)	329.00	366.95	404.11	440.50	476.11	510.97	540.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	339.85	343.32	346.79
Year 2 PV (M)	346.63	353.74	360.93
Year 3 PV (M)	349.94	360.76	371.80
Year 4 PV (M)	350.30	364.82	379.78
Year 5 PV (M)	348.18	366.31	385.19
PV of Terminal Value (M)	9,492.61	9,986.91	10,501.60
Equity Value (M)	11,227.52	11,775.87	12,346.09
Shares Outstanding (M)	1,253.00	1,253.00	1,253.00
Fair Value	$8.96	$9.40	$9.85
Upside / Downside	-17.41%	-13.38%	-9.19%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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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%
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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%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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CNH Industrial N.V. (CNH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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