DDM Analysis: 0M3L.L

Valuation Snapshot

Stable Growth	$135.23 - $359.14	$206.86
Multi-Stage	$93.26 - $101.86	$97.48
Blended Fair Value	$152.17
Current Price	$55.62
Upside	173.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.94%	9.94%	1.68	1.92	1.83	1.77	1.76	1.77	1.60	0.88	0.73	0.73
YoY Growth	-	-	-12.06%	4.83%	3.07%	0.77%	-0.38%	10.17%	82.95%	19.61%	-0.14%	12.35%
Dividend Yield	-	-	3.43%	4.49%	6.22%	2.73%	3.18%	7.15%	3.44%	1.68%	1.68%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	848.00
(-) Cash Dividends Paid (M)	263.00
(=) Cash Retained (M)	585.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.60	106.00	63.60
Cash Retained (M)	585.00	585.00	585.00
(-) Cash Required (M)	-169.60	-106.00	-63.60
(=) Excess Retained (M)	415.40	479.00	521.40
(/) Shares Outstanding (M)	147.22	147.22	147.22
(=) Excess Retained per Share	2.82	3.25	3.54
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	2.82	3.25	3.54
(=) Adjusted Dividend	4.61	5.04	5.33
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$135.23	$206.86	$359.14
Upside / Downside	143.14%	271.91%	545.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	848.00	903.12	961.82	1,024.34	1,090.92	1,161.83	1,196.69
Payout Ratio	31.01%	42.81%	54.61%	66.41%	78.20%	90.00%	92.50%
Projected Dividends (M)	263.00	386.64	525.24	680.22	853.13	1,045.65	1,106.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	351.08	354.41	357.73
Year 2 PV (M)	433.06	441.31	449.64
Year 3 PV (M)	509.27	523.89	538.78
Year 4 PV (M)	579.98	602.28	625.22
Year 5 PV (M)	645.48	676.65	709.02
PV of Terminal Value (M)	11,211.33	11,752.85	12,315.08
Equity Value (M)	13,730.20	14,351.39	14,995.49
Shares Outstanding (M)	147.22	147.22	147.22
Fair Value	$93.26	$97.48	$101.86
Upside / Downside	67.68%	75.26%	83.13%

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601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
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7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Zions Bancorporation, National Association (0M3L.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener