DDM Analysis: ETN

Valuation Snapshot

Stable Growth	$1,639.28 - $1,932.39	$1,810.45
Multi-Stage	$1,004.53 - $1,105.13	$1,053.86
Blended Fair Value	$1,432.16
Current Price	$374.25
Upside	282.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.55%	4.91%	3.82	3.51	3.30	3.10	2.99	3.06	2.92	2.72	2.64	2.61
YoY Growth	-	-	8.77%	6.16%	6.56%	3.74%	-2.16%	4.53%	7.58%	2.99%	1.07%	10.44%
Dividend Yield	-	-	1.40%	1.12%	1.93%	2.04%	2.16%	3.93%	3.55%	3.40%	3.56%	4.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,927.00
(-) Cash Dividends Paid (M)	1,592.00
(=) Cash Retained (M)	2,335.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	785.40	490.88	294.53
Cash Retained (M)	2,335.00	2,335.00	2,335.00
(-) Cash Required (M)	-785.40	-490.88	-294.53
(=) Excess Retained (M)	1,549.60	1,844.13	2,040.48
(/) Shares Outstanding (M)	393.05	393.05	393.05
(=) Excess Retained per Share	3.94	4.69	5.19
LTM Dividend per Share	4.05	4.05	4.05
(+) Excess Retained per Share	3.94	4.69	5.19
(=) Adjusted Dividend	7.99	8.74	9.24
WACC / Discount Rate	2.18%	2.18%	2.18%
Growth Rate	2.55%	3.55%	4.55%
Fair Value	$1,639.28	$1,810.45	$1,932.39
Upside / Downside	338.02%	383.75%	416.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,927.00	4,066.27	4,210.48	4,359.81	4,514.43	4,674.54	4,814.78
Payout Ratio	40.54%	50.43%	60.32%	70.22%	80.11%	90.00%	92.50%
Projected Dividends (M)	1,592.00	2,050.70	2,539.93	3,061.28	3,616.42	4,207.09	4,453.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.18%	2.18%	2.18%
Growth Rate	2.55%	3.55%	4.55%
Year 1 PV (M)	1,987.54	2,006.92	2,026.30
Year 2 PV (M)	2,385.89	2,432.65	2,479.86
Year 3 PV (M)	2,787.06	2,869.39	2,953.33
Year 4 PV (M)	3,191.07	3,317.37	3,447.39
Year 5 PV (M)	3,597.93	3,776.81	3,962.74
PV of Terminal Value (M)	380,880.56	399,817.42	419,500.11
Equity Value (M)	394,830.04	414,220.56	434,369.73
Shares Outstanding (M)	393.05	393.05	393.05
Fair Value	$1,004.53	$1,053.86	$1,105.13
Upside / Downside	168.41%	181.59%	195.29%

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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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Eaton Corporation plc (ETN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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