DDM Analysis: DFS

Valuation Snapshot

Stable Growth	$263.63 - $464.87	$348.99
Multi-Stage	$239.55 - $261.90	$250.52
Blended Fair Value	$299.75
Current Price	$170.70
Upside	75.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.12%	5.14%	3.07	2.99	2.80	2.53	2.29	2.28	2.20	2.10	2.05	2.05
YoY Growth	-	-	2.53%	6.97%	10.53%	10.42%	0.52%	3.80%	4.74%	2.53%	-0.19%	10.28%
Dividend Yield	-	-	1.80%	2.31%	2.83%	2.30%	2.41%	6.39%	2.99%	2.92%	2.99%	4.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,795.00
(-) Cash Dividends Paid (M)	771.00
(=) Cash Retained (M)	4,024.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	959.00	599.38	359.63
Cash Retained (M)	4,024.00	4,024.00	4,024.00
(-) Cash Required (M)	-959.00	-599.38	-359.63
(=) Excess Retained (M)	3,065.00	3,424.63	3,664.38
(/) Shares Outstanding (M)	251.25	251.25	251.25
(=) Excess Retained per Share	12.20	13.63	14.58
LTM Dividend per Share	3.07	3.07	3.07
(+) Excess Retained per Share	12.20	13.63	14.58
(=) Adjusted Dividend	15.27	16.70	17.65
WACC / Discount Rate	10.15%	10.15%	10.15%
Growth Rate	4.12%	5.12%	6.12%
Fair Value	$263.63	$348.99	$464.87
Upside / Downside	54.44%	104.45%	172.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,795.00	5,040.30	5,298.15	5,569.19	5,854.10	6,153.58	6,338.19
Payout Ratio	16.08%	30.86%	45.65%	60.43%	75.22%	90.00%	92.50%
Projected Dividends (M)	771.00	1,555.61	2,418.48	3,365.56	4,403.21	5,538.23	5,862.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.15%	10.15%	10.15%
Growth Rate	4.12%	5.12%	6.12%
Year 1 PV (M)	1,398.89	1,412.32	1,425.76
Year 2 PV (M)	1,955.72	1,993.46	2,031.57
Year 3 PV (M)	2,447.39	2,518.59	2,591.15
Year 4 PV (M)	2,879.37	2,991.59	3,107.07
Year 5 PV (M)	3,256.72	3,416.15	3,581.77
PV of Terminal Value (M)	48,248.54	50,610.54	53,064.16
Equity Value (M)	60,186.62	62,942.66	65,801.48
Shares Outstanding (M)	251.25	251.25	251.25
Fair Value	$239.55	$250.52	$261.90
Upside / Downside	40.33%	46.76%	53.42%

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Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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