DDM Analysis: FBFWX

Valuation Snapshot

Stable Growth	$19.19 - $32.45	$24.98
Multi-Stage	$32.00 - $35.06	$33.50
Blended Fair Value	$29.24
Current Price	$13.38
Upside	118.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.08%	2.08%	1.20	1.20	1.01	0.20	0.30	1.20	1.35	1.19	1.19	1.19
YoY Growth	-	-	0.04%	19.34%	398.51%	-32.38%	-75.05%	-11.68%	13.46%	0.02%	0.15%	21.93%
Dividend Yield	-	-	9.42%	9.92%	8.83%	1.60%	2.41%	11.43%	12.08%	10.84%	11.05%	11.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,151.00
(-) Cash Dividends Paid (M)	2,513.54
(=) Cash Retained (M)	637.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	630.20	393.88	236.33
Cash Retained (M)	637.46	637.46	637.46
(-) Cash Required (M)	-630.20	-393.88	-236.33
(=) Excess Retained (M)	7.26	243.59	401.14
(/) Shares Outstanding (M)	1,997.75	1,997.75	1,997.75
(=) Excess Retained per Share	0.00	0.12	0.20
LTM Dividend per Share	1.26	1.26	1.26
(+) Excess Retained per Share	0.00	0.12	0.20
(=) Adjusted Dividend	1.26	1.38	1.46
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.53%	1.53%	2.53%
Fair Value	$19.19	$24.98	$32.45
Upside / Downside	43.43%	86.69%	142.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,151.00	3,199.25	3,248.23	3,297.97	3,348.46	3,399.73	3,501.73
Payout Ratio	79.77%	81.82%	83.86%	85.91%	87.95%	90.00%	92.50%
Projected Dividends (M)	2,513.54	2,617.48	2,724.02	2,833.21	2,945.10	3,059.76	3,239.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.53%	1.53%	2.53%
Year 1 PV (M)	2,418.97	2,443.03	2,467.09
Year 2 PV (M)	2,326.50	2,373.01	2,419.99
Year 3 PV (M)	2,236.23	2,303.63	2,372.37
Year 4 PV (M)	2,148.25	2,235.01	2,324.37
Year 5 PV (M)	2,062.61	2,167.26	2,276.11
PV of Terminal Value (M)	52,729.73	55,404.99	58,187.74
Equity Value (M)	63,922.29	66,926.92	70,047.66
Shares Outstanding (M)	1,997.75	1,997.75	1,997.75
Fair Value	$32.00	$33.50	$35.06
Upside / Downside	139.14%	150.38%	162.06%

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605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
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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%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
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%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
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6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
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American Funds Retirement Income Portfolio - Moderate Class F-1 (FBFWX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener