DDM Analysis: ADS

Valuation Snapshot

Stable Growth	$28.75 - $38.80	$33.90
Multi-Stage	$44.46 - $48.87	$46.62
Blended Fair Value	$40.26
Current Price	$56.80
Upside	-29.12%
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	-19.53%	0.00%	0.88	0.86	0.88	0.86	1.24	2.62	2.57	2.37	0.62	0.00
YoY Growth	-	-	2.38%	-2.33%	2.38%	-30.69%	-52.43%	1.76%	8.40%	285.00%	0.00%	0.00%
Dividend Yield	-	-	1.56%	1.52%	1.56%	1.54%	1.11%	7.78%	1.46%	1.11%	0.25%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	293.70
(-) Cash Dividends Paid (M)	61.90
(=) Cash Retained (M)	231.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.74	36.71	22.03
Cash Retained (M)	231.80	231.80	231.80
(-) Cash Required (M)	-58.74	-36.71	-22.03
(=) Excess Retained (M)	173.06	195.09	209.77
(/) Shares Outstanding (M)	48.68	48.68	48.68
(=) Excess Retained per Share	3.56	4.01	4.31
LTM Dividend per Share	1.27	1.27	1.27
(+) Excess Retained per Share	3.56	4.01	4.31
(=) Adjusted Dividend	4.83	5.28	5.58
WACC / Discount Rate	10.98%	10.98%	10.98%
Growth Rate	-4.98%	-3.98%	-2.98%
Fair Value	$28.75	$33.90	$38.80
Upside / Downside	-49.39%	-40.32%	-31.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	293.70	282.01	270.79	260.02	249.67	239.73	246.93
Payout Ratio	21.08%	34.86%	48.65%	62.43%	76.22%	90.00%	92.50%
Projected Dividends (M)	61.90	98.31	131.73	162.33	190.29	215.76	228.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.98%	10.98%	10.98%
Growth Rate	-4.98%	-3.98%	-2.98%
Year 1 PV (M)	87.67	88.59	89.51
Year 2 PV (M)	104.74	106.96	109.20
Year 3 PV (M)	115.10	118.77	122.52
Year 4 PV (M)	120.31	125.46	130.77
Year 5 PV (M)	121.65	128.18	135.00
PV of Terminal Value (M)	1,614.65	1,701.42	1,791.88
Equity Value (M)	2,164.12	2,269.38	2,378.88
Shares Outstanding (M)	48.68	48.68	48.68
Fair Value	$44.46	$46.62	$48.87
Upside / Downside	-21.72%	-17.92%	-13.96%

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Bread Financial Holdings, Inc. (ADS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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