DDM Analysis: 0R23.L

Valuation Snapshot

Stable Growth	$12.50 - $18.67	$15.43
Multi-Stage	$22.22 - $24.41	$23.29
Blended Fair Value	$19.36
Current Price	$24.60
Upside	-21.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.97%	1.19%	0.69	0.66	0.50	0.19	0.32	0.73	0.73	0.72	0.71	0.71
YoY Growth	-	-	4.17%	32.41%	170.19%	-42.09%	-55.87%	0.00%	0.64%	0.97%	0.98%	15.20%
Dividend Yield	-	-	2.73%	1.66%	1.59%	0.49%	1.49%	10.60%	2.41%	1.54%	1.45%	1.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,309.00
(-) Cash Dividends Paid (M)	584.00
(=) Cash Retained (M)	725.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	261.80	163.63	98.18
Cash Retained (M)	725.00	725.00	725.00
(-) Cash Required (M)	-261.80	-163.63	-98.18
(=) Excess Retained (M)	463.20	561.38	626.83
(/) Shares Outstanding (M)	867.25	867.25	867.25
(=) Excess Retained per Share	0.53	0.65	0.72
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	0.53	0.65	0.72
(=) Adjusted Dividend	1.21	1.32	1.40
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-1.53%	-0.53%	0.47%
Fair Value	$12.50	$15.43	$18.67
Upside / Downside	-49.20%	-37.28%	-24.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,309.00	1,302.11	1,295.26	1,288.45	1,281.67	1,274.93	1,313.17
Payout Ratio	44.61%	53.69%	62.77%	71.85%	80.92%	90.00%	92.50%
Projected Dividends (M)	584.00	699.12	813.02	925.69	1,037.16	1,147.43	1,214.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-1.53%	-0.53%	0.47%
Year 1 PV (M)	640.89	647.40	653.91
Year 2 PV (M)	683.23	697.17	711.26
Year 3 PV (M)	713.12	735.07	757.46
Year 4 PV (M)	732.45	762.66	793.79
Year 5 PV (M)	742.83	781.32	821.39
PV of Terminal Value (M)	15,761.95	16,578.68	17,428.92
Equity Value (M)	19,274.47	20,202.30	21,166.73
Shares Outstanding (M)	867.25	867.25	867.25
Fair Value	$22.22	$23.29	$24.41
Upside / Downside	-9.66%	-5.31%	-0.79%

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Halliburton Company (0R23.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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