DDM Analysis: TD

Valuation Snapshot

Stable Growth	$629.76 - $2,357.50	$1,876.49
Multi-Stage	$295.23 - $322.95	$308.83
Blended Fair Value	$1,092.66
Current Price	$100.95
Upside	982.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.93%	8.33%	4.42	4.13	3.36	3.85	3.21	2.11	2.98	2.67	2.43	2.20
YoY Growth	-	-	7.03%	22.92%	-12.60%	19.98%	51.78%	-29.03%	11.29%	10.05%	10.58%	10.57%
Dividend Yield	-	-	4.38%	4.99%	4.12%	4.18%	3.15%	2.91%	4.07%	3.62%	3.25%	3.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,538.00
(-) Cash Dividends Paid (M)	7,663.00
(=) Cash Retained (M)	12,875.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,107.60	2,567.25	1,540.35
Cash Retained (M)	12,875.00	12,875.00	12,875.00
(-) Cash Required (M)	-4,107.60	-2,567.25	-1,540.35
(=) Excess Retained (M)	8,767.40	10,307.75	11,334.65
(/) Shares Outstanding (M)	1,732.55	1,732.55	1,732.55
(=) Excess Retained per Share	5.06	5.95	6.54
LTM Dividend per Share	4.42	4.42	4.42
(+) Excess Retained per Share	5.06	5.95	6.54
(=) Adjusted Dividend	9.48	10.37	10.97
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$629.76	$1,876.49	$2,357.50
Upside / Downside	523.84%	1,758.83%	2,235.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,538.00	21,872.97	23,294.71	24,808.87	26,421.45	28,138.84	28,983.01
Payout Ratio	37.31%	47.85%	58.39%	68.92%	79.46%	90.00%	92.50%
Projected Dividends (M)	7,663.00	10,466.01	13,601.04	17,099.40	20,995.08	25,324.96	26,809.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,681.45	9,773.22	9,864.99
Year 2 PV (M)	11,638.33	11,860.00	12,083.77
Year 3 PV (M)	13,535.01	13,923.55	14,319.46
Year 4 PV (M)	15,372.86	15,964.05	16,572.14
Year 5 PV (M)	17,153.19	17,981.70	18,841.91
PV of Terminal Value (M)	444,117.16	465,568.18	487,840.19
Equity Value (M)	511,497.99	535,070.70	559,522.45
Shares Outstanding (M)	1,732.55	1,732.55	1,732.55
Fair Value	$295.23	$308.83	$322.95
Upside / Downside	192.45%	205.93%	219.91%

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TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
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ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
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AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
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AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
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The Toronto-Dominion Bank (TD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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