DDM Analysis: 0R2X.L

Valuation Snapshot

Stable Growth	$18.20 - $29.97	$23.43
Multi-Stage	$26.55 - $29.06	$27.78
Blended Fair Value	$25.60
Current Price	$82.03
Upside	-68.79%
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	5.85%	5.25%	1.14	1.15	1.08	1.01	0.91	0.86	0.80	0.76	0.75	0.79
YoY Growth	-	-	-0.30%	6.12%	7.00%	10.67%	6.06%	8.32%	5.22%	0.93%	-5.01%	14.89%
Dividend Yield	-	-	2.50%	3.51%	3.07%	2.74%	2.10%	4.19%	2.34%	2.71%	2.77%	3.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,366.00
(-) Cash Dividends Paid (M)	993.00
(=) Cash Retained (M)	373.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	273.20	170.75	102.45
Cash Retained (M)	373.00	373.00	373.00
(-) Cash Required (M)	-273.20	-170.75	-102.45
(=) Excess Retained (M)	99.80	202.25	270.55
(/) Shares Outstanding (M)	861.50	861.50	861.50
(=) Excess Retained per Share	0.12	0.23	0.31
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	0.12	0.23	0.31
(=) Adjusted Dividend	1.27	1.39	1.47
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	1.05%	2.05%	3.05%
Fair Value	$18.20	$23.43	$29.97
Upside / Downside	-77.82%	-71.44%	-63.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,366.00	1,393.99	1,422.54	1,451.69	1,481.43	1,511.78	1,557.13
Payout Ratio	72.69%	76.16%	79.62%	83.08%	86.54%	90.00%	92.50%
Projected Dividends (M)	993.00	1,061.59	1,132.58	1,206.03	1,282.01	1,360.60	1,440.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	1.05%	2.05%	3.05%
Year 1 PV (M)	972.49	982.11	991.74
Year 2 PV (M)	950.44	969.34	988.43
Year 3 PV (M)	927.13	954.93	983.28
Year 4 PV (M)	902.82	939.10	976.45
Year 5 PV (M)	877.75	922.05	968.12
PV of Terminal Value (M)	18,246.45	19,167.35	20,125.06
Equity Value (M)	22,877.08	23,934.88	25,033.08
Shares Outstanding (M)	861.50	861.50	861.50
Fair Value	$26.55	$27.78	$29.06
Upside / Downside	-67.63%	-66.13%	-64.58%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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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Corning Incorporated (0R2X.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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