DDM Analysis: 166090.KQ

Valuation Snapshot

Stable Growth	$52,542.48 - $231,511.79	$91,548.52
Multi-Stage	$33,401.17 - $36,552.94	$34,948.15
Blended Fair Value	$63,248.33
Current Price	$40,150.00
Upside	57.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.06%	0.00%	199.84	299.76	599.46	597.61	198.99	245.91	0.00	0.00	0.00	0.00
YoY Growth	-	-	-33.33%	-50.00%	0.31%	200.32%	-19.08%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.65%	0.55%	1.42%	1.07%	0.51%	1.78%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33,284.87
(-) Cash Dividends Paid (M)	4,870.06
(=) Cash Retained (M)	28,414.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,656.97	4,160.61	2,496.37
Cash Retained (M)	28,414.81	28,414.81	28,414.81
(-) Cash Required (M)	-6,656.97	-4,160.61	-2,496.37
(=) Excess Retained (M)	21,757.84	24,254.21	25,918.45
(/) Shares Outstanding (M)	19.54	19.54	19.54
(=) Excess Retained per Share	1,113.72	1,241.50	1,326.68
LTM Dividend per Share	249.28	249.28	249.28
(+) Excess Retained per Share	1,113.72	1,241.50	1,326.68
(=) Adjusted Dividend	1,363.00	1,490.78	1,575.97
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	5.24%	6.24%	7.24%
Fair Value	$52,542.48	$91,548.52	$231,511.79
Upside / Downside	30.87%	128.02%	476.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33,284.87	35,361.73	37,568.17	39,912.29	42,402.67	45,048.44	46,399.90
Payout Ratio	14.63%	29.71%	44.78%	59.85%	74.93%	90.00%	92.50%
Projected Dividends (M)	4,870.06	10,504.25	16,822.60	23,888.53	31,770.75	40,543.60	42,919.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	5.24%	6.24%	7.24%
Year 1 PV (M)	9,637.32	9,728.90	9,820.47
Year 2 PV (M)	14,160.39	14,430.78	14,703.72
Year 3 PV (M)	18,448.57	18,979.48	19,520.49
Year 4 PV (M)	22,510.84	23,378.72	24,271.45
Year 5 PV (M)	26,355.89	27,632.10	28,957.27
PV of Terminal Value (M)	561,420.56	588,605.74	616,833.96
Equity Value (M)	652,533.56	682,755.71	714,107.36
Shares Outstanding (M)	19.54	19.54	19.54
Fair Value	$33,401.17	$34,948.15	$36,552.94
Upside / Downside	-16.81%	-12.96%	-8.96%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
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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%
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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%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
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Hana Materials Inc. (166090.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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