DDM Analysis: ETN

Valuation Snapshot

Stable Growth	$1,639.28 - $1,932.39	$1,810.45
Multi-Stage	$1,037.65 - $1,141.58	$1,088.62
Blended Fair Value	$1,449.53
Current Price	$374.25
Upside	287.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.55%	4.91%	3.82	3.51	3.30	3.10	2.99	3.06	2.92	2.72	2.64	2.61
YoY Growth	-	-	8.77%	6.16%	6.56%	3.74%	-2.16%	4.53%	7.58%	2.99%	1.07%	10.44%
Dividend Yield	-	-	1.40%	1.12%	1.93%	2.04%	2.16%	3.93%	3.55%	3.40%	3.56%	4.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,927.00
(-) Cash Dividends Paid (M)	1,592.00
(=) Cash Retained (M)	2,335.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	785.40	490.88	294.53
Cash Retained (M)	2,335.00	2,335.00	2,335.00
(-) Cash Required (M)	-785.40	-490.88	-294.53
(=) Excess Retained (M)	1,549.60	1,844.13	2,040.48
(/) Shares Outstanding (M)	393.05	393.05	393.05
(=) Excess Retained per Share	3.94	4.69	5.19
LTM Dividend per Share	4.05	4.05	4.05
(+) Excess Retained per Share	3.94	4.69	5.19
(=) Adjusted Dividend	7.99	8.74	9.24
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	2.55%	3.55%	4.55%
Fair Value	$1,639.28	$1,810.45	$1,932.39
Upside / Downside	338.02%	383.75%	416.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,927.00	4,066.27	4,210.48	4,359.81	4,514.43	4,674.54	4,814.78
Payout Ratio	40.54%	50.43%	60.32%	70.22%	80.11%	90.00%	92.50%
Projected Dividends (M)	1,592.00	2,050.70	2,539.93	3,061.28	3,616.42	4,207.09	4,453.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	2.55%	3.55%	4.55%
Year 1 PV (M)	2,000.63	2,020.14	2,039.65
Year 2 PV (M)	2,417.43	2,464.80	2,512.64
Year 3 PV (M)	2,842.50	2,926.47	3,012.08
Year 4 PV (M)	3,275.99	3,405.66	3,539.13
Year 5 PV (M)	3,718.01	3,902.87	4,095.00
PV of Terminal Value (M)	393,592.79	413,161.68	433,501.29
Equity Value (M)	407,847.35	427,881.62	448,699.80
Shares Outstanding (M)	393.05	393.05	393.05
Fair Value	$1,037.65	$1,088.62	$1,141.58
Upside / Downside	177.26%	190.88%	205.03%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
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%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Eaton Corporation plc (ETN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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