DDM Analysis: 0H68.L

Valuation Snapshot

Stable Growth	$164.55 - $405.43	$245.84
Multi-Stage	$172.00 - $188.55	$180.12
Blended Fair Value	$212.98
Current Price	$111.70
Upside	90.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.11%	5.21%	1.99	1.77	1.79	1.57	1.41	1.41	1.45	1.21	1.21	1.20
YoY Growth	-	-	12.53%	-1.33%	14.50%	11.18%	-0.26%	-2.77%	19.97%	0.46%	0.30%	0.31%
Dividend Yield	-	-	1.79%	2.08%	2.78%	2.43%	2.75%	4.13%	2.91%	2.77%	3.33%	3.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,169.00
(-) Cash Dividends Paid (M)	1,173.00
(=) Cash Retained (M)	2,996.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	833.80	521.13	312.68
Cash Retained (M)	2,996.00	2,996.00	2,996.00
(-) Cash Required (M)	-833.80	-521.13	-312.68
(=) Excess Retained (M)	2,162.20	2,474.88	2,683.33
(/) Shares Outstanding (M)	545.58	545.58	545.58
(=) Excess Retained per Share	3.96	4.54	4.92
LTM Dividend per Share	2.15	2.15	2.15
(+) Excess Retained per Share	3.96	4.54	4.92
(=) Adjusted Dividend	6.11	6.69	7.07
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	3.21%	4.21%	5.21%
Fair Value	$164.55	$245.84	$405.43
Upside / Downside	47.32%	120.09%	262.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,169.00	4,344.60	4,527.59	4,718.29	4,917.03	5,124.13	5,277.85
Payout Ratio	28.14%	40.51%	52.88%	65.25%	77.63%	90.00%	92.50%
Projected Dividends (M)	1,173.00	1,759.95	2,394.27	3,078.90	3,816.95	4,611.72	4,882.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	3.21%	4.21%	5.21%
Year 1 PV (M)	1,628.33	1,644.10	1,659.88
Year 2 PV (M)	2,049.53	2,089.44	2,129.73
Year 3 PV (M)	2,438.47	2,510.04	2,582.99
Year 4 PV (M)	2,796.92	2,906.90	3,020.10
Year 5 PV (M)	3,126.57	3,280.99	3,441.46
PV of Terminal Value (M)	81,799.64	85,839.88	90,038.20
Equity Value (M)	93,839.47	98,271.36	102,872.37
Shares Outstanding (M)	545.58	545.58	545.58
Fair Value	$172.00	$180.12	$188.55
Upside / Downside	53.98%	61.25%	68.80%

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Aflac Incorporated (0H68.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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