DDM Analysis: HUM

Valuation Snapshot

Stable Growth	$538.07 - $2,126.05	$1,471.82
Multi-Stage	$259.49 - $283.88	$271.46
Blended Fair Value	$871.64
Current Price	$260.17
Upside	235.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.17%	9.62%	3.57	3.57	3.25	2.93	2.67	2.41	2.19	1.82	1.47	1.42
YoY Growth	-	-	0.00%	9.95%	10.73%	9.60%	11.00%	9.81%	20.45%	24.29%	2.91%	0.00%
Dividend Yield	-	-	1.35%	1.02%	0.67%	0.67%	0.64%	0.77%	0.82%	0.68%	0.71%	0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,291.00
(-) Cash Dividends Paid (M)	429.00
(=) Cash Retained (M)	862.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	258.20	161.38	96.83
Cash Retained (M)	862.00	862.00	862.00
(-) Cash Required (M)	-258.20	-161.38	-96.83
(=) Excess Retained (M)	603.80	700.63	765.18
(/) Shares Outstanding (M)	120.76	120.76	120.76
(=) Excess Retained per Share	5.00	5.80	6.34
LTM Dividend per Share	3.55	3.55	3.55
(+) Excess Retained per Share	5.00	5.80	6.34
(=) Adjusted Dividend	8.55	9.35	9.89
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$538.07	$1,471.82	$2,126.05
Upside / Downside	106.82%	465.72%	717.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,291.00	1,374.92	1,464.28	1,559.46	1,660.83	1,768.78	1,821.85
Payout Ratio	33.23%	44.58%	55.94%	67.29%	78.65%	90.00%	92.50%
Projected Dividends (M)	429.00	612.99	819.09	1,049.39	1,306.18	1,591.90	1,685.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	566.57	571.95	577.32
Year 2 PV (M)	699.74	713.07	726.52
Year 3 PV (M)	828.60	852.38	876.62
Year 4 PV (M)	953.25	989.91	1,027.62
Year 5 PV (M)	1,073.81	1,125.67	1,179.52
PV of Terminal Value (M)	27,215.29	28,529.80	29,894.62
Equity Value (M)	31,337.27	32,782.78	34,282.22
Shares Outstanding (M)	120.76	120.76	120.76
Fair Value	$259.49	$271.46	$283.88
Upside / Downside	-0.26%	4.34%	9.11%

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Humana Inc. (HUM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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