DDM Analysis: DELL

Valuation Snapshot

Stable Growth	$58.91 - $86.66	$72.23
Multi-Stage	$75.73 - $82.92	$79.26
Blended Fair Value	$75.75
Current Price	$162.01
Upside	-53.25%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.81	1.52	1.37	0.00	0.00	0.00	3.03	0.00	0.00	0.00
YoY Growth	-	-	18.94%	11.20%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.91%	1.22%	3.01%	0.00%	0.00%	0.00%	8.70%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,210.00
(-) Cash Dividends Paid (M)	1,424.00
(=) Cash Retained (M)	3,786.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,042.00	651.25	390.75
Cash Retained (M)	3,786.00	3,786.00	3,786.00
(-) Cash Required (M)	-1,042.00	-651.25	-390.75
(=) Excess Retained (M)	2,744.00	3,134.75	3,395.25
(/) Shares Outstanding (M)	704.76	704.76	704.76
(=) Excess Retained per Share	3.89	4.45	4.82
LTM Dividend per Share	2.02	2.02	2.02
(+) Excess Retained per Share	3.89	4.45	4.82
(=) Adjusted Dividend	5.91	6.47	6.84
WACC / Discount Rate	10.50%	10.50%	10.50%
Growth Rate	0.42%	1.42%	2.42%
Fair Value	$58.91	$72.23	$86.66
Upside / Downside	-63.64%	-55.41%	-46.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,210.00	5,283.76	5,358.57	5,434.44	5,511.38	5,589.41	5,757.10
Payout Ratio	27.33%	39.87%	52.40%	64.93%	77.47%	90.00%	92.50%
Projected Dividends (M)	1,424.00	2,106.41	2,807.85	3,528.74	4,269.47	5,030.47	5,325.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.50%	10.50%	10.50%
Growth Rate	0.42%	1.42%	2.42%
Year 1 PV (M)	1,887.49	1,906.29	1,925.09
Year 2 PV (M)	2,254.56	2,299.68	2,345.26
Year 3 PV (M)	2,538.92	2,615.53	2,693.67
Year 4 PV (M)	2,752.63	2,863.93	2,978.57
Year 5 PV (M)	2,906.21	3,053.83	3,207.38
PV of Terminal Value (M)	41,033.58	43,117.87	45,286.00
Equity Value (M)	53,373.40	55,857.13	58,435.97
Shares Outstanding (M)	704.76	704.76	704.76
Fair Value	$75.73	$79.26	$82.92
Upside / Downside	-53.25%	-51.08%	-48.82%

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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%
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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%
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%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Dell Technologies Inc. (DELL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener