DDM Analysis: MO

Valuation Snapshot

Stable Growth	$68.11 - $118.59	$89.72
Multi-Stage	$122.37 - $134.13	$128.14
Blended Fair Value	$108.93
Current Price	$66.06
Upside	64.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.44%	5.81%	4.06	4.02	3.91	3.82	3.73	3.60	3.21	2.85	2.67	2.48
YoY Growth	-	-	0.97%	2.73%	2.37%	2.48%	3.64%	12.08%	12.65%	6.54%	7.97%	7.37%
Dividend Yield	-	-	6.76%	9.29%	8.76%	7.31%	7.28%	9.30%	5.56%	4.57%	3.74%	3.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,869.00
(-) Cash Dividends Paid (M)	8,385.00
(=) Cash Retained (M)	484.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,773.80	1,108.63	665.18
Cash Retained (M)	484.00	484.00	484.00
(-) Cash Required (M)	-1,773.80	-1,108.63	-665.18
(=) Excess Retained (M)	-1,289.80	-624.63	-181.18
(/) Shares Outstanding (M)	1,688.00	1,688.00	1,688.00
(=) Excess Retained per Share	-0.76	-0.37	-0.11
LTM Dividend per Share	4.97	4.97	4.97
(+) Excess Retained per Share	-0.76	-0.37	-0.11
(=) Adjusted Dividend	4.20	4.60	4.86
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	0.44%	1.44%	2.44%
Fair Value	$68.11	$89.72	$118.59
Upside / Downside	3.11%	35.81%	79.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,869.00	8,996.33	9,125.49	9,256.50	9,389.40	9,524.20	9,809.92
Payout Ratio	94.54%	93.63%	92.73%	91.82%	90.91%	90.00%	92.50%
Projected Dividends (M)	8,385.00	8,423.65	8,461.67	8,499.05	8,535.76	8,571.78	9,074.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	0.44%	1.44%	2.44%
Year 1 PV (M)	7,821.73	7,899.61	7,977.49
Year 2 PV (M)	7,295.62	7,441.62	7,589.07
Year 3 PV (M)	6,804.24	7,009.51	7,218.87
Year 4 PV (M)	6,345.33	6,601.84	6,866.06
Year 5 PV (M)	5,916.79	6,217.27	6,529.83
PV of Terminal Value (M)	172,376.95	181,131.01	190,237.16
Equity Value (M)	206,560.67	216,300.86	226,418.48
Shares Outstanding (M)	1,688.00	1,688.00	1,688.00
Fair Value	$122.37	$128.14	$134.13
Upside / Downside	85.24%	93.98%	103.05%

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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
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Altria Group, Inc. (MO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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