DDM Analysis: 0K92.L

Valuation Snapshot

Stable Growth	$1,172.48 - $5,445.86	$2,628.49
Multi-Stage	$857.59 - $940.18	$898.11
Blended Fair Value	$1,763.30
Current Price	$609.32
Upside	189.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.15%	7.74%	8.18	7.70	7.26	6.78	6.58	6.07	5.66	4.75	4.42	4.16
YoY Growth	-	-	6.27%	6.08%	7.02%	3.15%	8.30%	7.19%	19.16%	7.66%	6.14%	7.10%
Dividend Yield	-	-	1.60%	1.63%	1.57%	1.52%	2.03%	2.01%	2.07%	1.36%	1.86%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,019.00
(-) Cash Dividends Paid (M)	1,263.00
(=) Cash Retained (M)	2,756.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	803.80	502.38	301.43
Cash Retained (M)	2,756.00	2,756.00	2,756.00
(-) Cash Required (M)	-803.80	-502.38	-301.43
(=) Excess Retained (M)	1,952.20	2,253.63	2,454.58
(/) Shares Outstanding (M)	144.93	144.93	144.93
(=) Excess Retained per Share	13.47	15.55	16.94
LTM Dividend per Share	8.71	8.71	8.71
(+) Excess Retained per Share	13.47	15.55	16.94
(=) Adjusted Dividend	22.19	24.27	25.65
WACC / Discount Rate	6.12%	6.12%	6.12%
Growth Rate	4.15%	5.15%	6.15%
Fair Value	$1,172.48	$2,628.49	$5,445.86
Upside / Downside	92.42%	331.38%	793.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,019.00	4,225.98	4,443.62	4,672.48	4,913.11	5,166.14	5,321.13
Payout Ratio	31.43%	43.14%	54.86%	66.57%	78.29%	90.00%	92.50%
Projected Dividends (M)	1,263.00	1,823.11	2,437.57	3,110.48	3,846.24	4,649.53	4,922.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.12%	6.12%	6.12%
Growth Rate	4.15%	5.15%	6.15%
Year 1 PV (M)	1,701.62	1,717.96	1,734.30
Year 2 PV (M)	2,123.52	2,164.49	2,205.86
Year 3 PV (M)	2,529.16	2,602.71	2,677.68
Year 4 PV (M)	2,919.00	3,032.73	3,149.76
Year 5 PV (M)	3,293.49	3,454.67	3,622.10
PV of Terminal Value (M)	111,718.95	117,186.30	122,865.64
Equity Value (M)	124,285.74	130,158.87	136,255.32
Shares Outstanding (M)	144.93	144.93	144.93
Fair Value	$857.59	$898.11	$940.18
Upside / Downside	40.74%	47.40%	54.30%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
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%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
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%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
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%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Northrop Grumman Corporation (0K92.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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