DDM Analysis: 0R2X.L

Valuation Snapshot

Stable Growth	$18.19 - $29.96	$23.42
Multi-Stage	$26.55 - $29.05	$27.77
Blended Fair Value	$25.60
Current Price	$82.03
Upside	-68.80%
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	$18.19	$23.42	$29.96
Upside / Downside	-77.82%	-71.45%	-63.48%

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)	972.48	982.10	991.72
Year 2 PV (M)	950.41	969.31	988.40
Year 3 PV (M)	927.09	954.88	983.23
Year 4 PV (M)	902.77	939.04	976.39
Year 5 PV (M)	877.68	921.98	968.04
PV of Terminal Value (M)	18,239.05	19,159.58	20,116.91
Equity Value (M)	22,869.47	23,926.89	25,024.70
Shares Outstanding (M)	861.50	861.50	861.50
Fair Value	$26.55	$27.77	$29.05
Upside / Downside	-67.64%	-66.14%	-64.59%

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Financial Statements

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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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