DDM Analysis: LNC

Valuation Snapshot

Stable Growth	$94.81 - $140.00	$116.45
Multi-Stage	$114.84 - $125.79	$120.21
Blended Fair Value	$118.33
Current Price	$40.33
Upside	193.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.26%	6.09%	1.70	1.69	1.72	1.76	1.72	1.68	1.60	1.45	1.32	1.13
YoY Growth	-	-	0.66%	-1.61%	-2.82%	2.57%	2.64%	4.84%	10.31%	10.08%	16.67%	20.00%
Dividend Yield	-	-	4.73%	5.34%	7.63%	2.70%	2.76%	6.37%	2.58%	1.98%	2.01%	2.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,109.00
(-) Cash Dividends Paid (M)	316.00
(=) Cash Retained (M)	1,793.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	421.80	263.63	158.18
Cash Retained (M)	1,793.00	1,793.00	1,793.00
(-) Cash Required (M)	-421.80	-263.63	-158.18
(=) Excess Retained (M)	1,371.20	1,529.38	1,634.83
(/) Shares Outstanding (M)	180.75	180.75	180.75
(=) Excess Retained per Share	7.59	8.46	9.04
LTM Dividend per Share	1.75	1.75	1.75
(+) Excess Retained per Share	7.59	8.46	9.04
(=) Adjusted Dividend	9.33	10.21	10.79
WACC / Discount Rate	10.77%	10.77%	10.77%
Growth Rate	0.84%	1.84%	2.84%
Fair Value	$94.81	$116.45	$140.00
Upside / Downside	135.08%	188.75%	247.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,109.00	2,147.87	2,187.46	2,227.78	2,268.84	2,310.66	2,379.98
Payout Ratio	14.98%	29.99%	44.99%	59.99%	75.00%	90.00%	92.50%
Projected Dividends (M)	316.00	644.08	984.14	1,336.52	1,701.56	2,079.60	2,201.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.77%	10.77%	10.77%
Growth Rate	0.84%	1.84%	2.84%
Year 1 PV (M)	575.73	581.44	587.15
Year 2 PV (M)	786.37	802.04	817.87
Year 3 PV (M)	954.62	983.30	1,012.55
Year 4 PV (M)	1,086.39	1,130.13	1,175.17
Year 5 PV (M)	1,186.87	1,246.90	1,309.33
PV of Terminal Value (M)	16,166.35	16,983.97	17,834.33
Equity Value (M)	20,756.34	21,727.78	22,736.41
Shares Outstanding (M)	180.75	180.75	180.75
Fair Value	$114.84	$120.21	$125.79
Upside / Downside	184.74%	198.07%	211.90%

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Lincoln National Corporation (LNC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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