DDM Analysis: EMN

Valuation Snapshot

Stable Growth	$44.64 - $64.91	$54.46
Multi-Stage	$69.54 - $76.15	$72.78
Blended Fair Value	$63.62
Current Price	$63.05
Upside	0.91%
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	2.02%	6.08%	3.24	3.22	3.26	3.21	3.06	2.94	2.72	2.53	2.33	2.04
YoY Growth	-	-	0.80%	-1.31%	1.60%	4.75%	4.37%	7.86%	7.43%	8.82%	14.29%	13.33%
Dividend Yield	-	-	3.68%	3.21%	3.87%	2.86%	2.78%	6.30%	3.47%	2.40%	2.88%	2.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	699.00
(-) Cash Dividends Paid (M)	380.00
(=) Cash Retained (M)	319.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	139.80	87.38	52.43
Cash Retained (M)	319.00	319.00	319.00
(-) Cash Required (M)	-139.80	-87.38	-52.43
(=) Excess Retained (M)	179.20	231.63	266.58
(/) Shares Outstanding (M)	116.85	116.85	116.85
(=) Excess Retained per Share	1.53	1.98	2.28
LTM Dividend per Share	3.25	3.25	3.25
(+) Excess Retained per Share	1.53	1.98	2.28
(=) Adjusted Dividend	4.79	5.23	5.53
WACC / Discount Rate	9.46%	9.46%	9.46%
Growth Rate	-1.13%	-0.13%	0.87%
Fair Value	$44.64	$54.46	$64.91
Upside / Downside	-29.19%	-13.62%	2.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	699.00	698.06	697.11	696.17	695.23	694.30	715.12
Payout Ratio	54.36%	61.49%	68.62%	75.75%	82.87%	90.00%	92.50%
Projected Dividends (M)	380.00	429.24	478.35	527.32	576.16	624.87	661.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.46%	9.46%	9.46%
Growth Rate	-1.13%	-0.13%	0.87%
Year 1 PV (M)	388.20	392.13	396.06
Year 2 PV (M)	391.26	399.21	407.25
Year 3 PV (M)	390.08	402.04	414.24
Year 4 PV (M)	385.47	401.30	417.62
Year 5 PV (M)	378.09	397.60	417.91
PV of Terminal Value (M)	6,192.67	6,512.26	6,844.91
Equity Value (M)	8,125.77	8,504.55	8,897.98
Shares Outstanding (M)	116.85	116.85	116.85
Fair Value	$69.54	$72.78	$76.15
Upside / Downside	10.29%	15.43%	20.78%

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MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
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%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
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Financial Statements

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Sector

Eastman Chemical Company (EMN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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