DDM Analysis: CTVA

Valuation Snapshot

Stable Growth	$18.27 - $26.91	$22.42
Multi-Stage	$32.66 - $35.91	$34.25
Blended Fair Value	$28.33
Current Price	$67.63
Upside	-58.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-2.17%	0.00%	0.67	0.64	0.61	0.58	0.57	0.75	4.10	2.67	1.95	0.00
YoY Growth	-	-	4.33%	5.02%	5.29%	2.32%	-24.07%	-81.79%	53.59%	36.85%	0.00%	0.00%
Dividend Yield	-	-	1.06%	1.11%	1.01%	1.01%	1.22%	3.18%	14.15%	9.21%	6.73%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,605.00
(-) Cash Dividends Paid (M)	472.00
(=) Cash Retained (M)	1,133.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	321.00	200.63	120.38
Cash Retained (M)	1,133.00	1,133.00	1,133.00
(-) Cash Required (M)	-321.00	-200.63	-120.38
(=) Excess Retained (M)	812.00	932.38	1,012.63
(/) Shares Outstanding (M)	683.93	683.93	683.93
(=) Excess Retained per Share	1.19	1.36	1.48
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	1.19	1.36	1.48
(=) Adjusted Dividend	1.88	2.05	2.17
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.27	$22.42	$26.91
Upside / Downside	-72.98%	-66.85%	-60.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,605.00	1,588.95	1,573.06	1,557.33	1,541.76	1,526.34	1,572.13
Payout Ratio	29.41%	41.53%	53.64%	65.76%	77.88%	90.00%	92.50%
Projected Dividends (M)	472.00	659.84	843.87	1,024.15	1,200.75	1,373.71	1,454.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	604.41	610.57	616.74
Year 2 PV (M)	708.05	722.57	737.24
Year 3 PV (M)	787.13	811.47	836.31
Year 4 PV (M)	845.33	880.37	916.48
Year 5 PV (M)	885.86	931.99	980.02
PV of Terminal Value (M)	18,504.68	19,468.26	20,471.58
Equity Value (M)	22,335.47	23,425.25	24,558.38
Shares Outstanding (M)	683.93	683.93	683.93
Fair Value	$32.66	$34.25	$35.91
Upside / Downside	-51.71%	-49.36%	-46.91%

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Corteva, Inc. (CTVA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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