DDM Analysis: TEL

Valuation Snapshot

Stable Growth	$1,015.78 - $1,197.28	$1,121.79
Multi-Stage	$703.55 - $773.62	$737.92
Blended Fair Value	$929.85
Current Price	$217.04
Upside	328.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.14%	4.81%	2.68	2.54	2.42	2.29	2.16	2.09	2.03	1.96	1.82	1.70
YoY Growth	-	-	5.66%	4.83%	5.84%	5.87%	3.52%	2.80%	3.40%	7.69%	7.27%	1.39%
Dividend Yield	-	-	1.24%	1.75%	1.72%	1.99%	1.36%	1.74%	2.13%	2.63%	1.92%	2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,842.00
(-) Cash Dividends Paid (M)	803.00
(=) Cash Retained (M)	1,039.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	368.40	230.25	138.15
Cash Retained (M)	1,039.00	1,039.00	1,039.00
(-) Cash Required (M)	-368.40	-230.25	-138.15
(=) Excess Retained (M)	670.60	808.75	900.85
(/) Shares Outstanding (M)	299.25	299.25	299.25
(=) Excess Retained per Share	2.24	2.70	3.01
LTM Dividend per Share	2.68	2.68	2.68
(+) Excess Retained per Share	2.24	2.70	3.01
(=) Adjusted Dividend	4.92	5.39	5.69
WACC / Discount Rate	0.15%	0.15%	0.15%
Growth Rate	3.14%	4.14%	5.14%
Fair Value	$1,015.78	$1,121.79	$1,197.28
Upside / Downside	368.02%	416.86%	451.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,842.00	1,918.25	1,997.67	2,080.37	2,166.49	2,256.18	2,323.86
Payout Ratio	43.59%	52.88%	62.16%	71.44%	80.72%	90.00%	92.50%
Projected Dividends (M)	803.00	1,014.28	1,241.68	1,486.16	1,748.76	2,030.56	2,149.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.15%	0.15%	0.15%
Growth Rate	3.14%	4.14%	5.14%
Year 1 PV (M)	1,003.02	1,012.75	1,022.47
Year 2 PV (M)	1,214.27	1,237.93	1,261.82
Year 3 PV (M)	1,437.22	1,479.44	1,522.46
Year 4 PV (M)	1,672.41	1,738.22	1,805.95
Year 5 PV (M)	1,920.35	2,015.26	2,113.90
PV of Terminal Value (M)	203,289.88	213,337.91	223,779.38
Equity Value (M)	210,537.15	220,821.50	231,505.98
Shares Outstanding (M)	299.25	299.25	299.25
Fair Value	$703.55	$737.92	$773.62
Upside / Downside	224.16%	239.99%	256.44%

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TE Connectivity Ltd. (TEL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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