DDM Analysis: PFG

Valuation Snapshot

Stable Growth	$61.78 - $93.72	$76.80
Multi-Stage	$87.65 - $95.99	$91.74
Blended Fair Value	$84.27
Current Price	$82.91
Upside	1.64%
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	1.67%	5.75%	2.90	2.75	2.83	2.88	2.70	2.67	2.63	2.38	2.05	1.94
YoY Growth	-	-	5.26%	-2.62%	-1.80%	6.44%	1.40%	1.24%	10.85%	16.15%	5.42%	17.10%
Dividend Yield	-	-	3.43%	3.20%	3.80%	3.92%	4.51%	8.51%	5.07%	3.90%	3.24%	4.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,573.50
(-) Cash Dividends Paid (M)	677.30
(=) Cash Retained (M)	896.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	314.70	196.69	118.01
Cash Retained (M)	896.20	896.20	896.20
(-) Cash Required (M)	-314.70	-196.69	-118.01
(=) Excess Retained (M)	581.50	699.51	778.19
(/) Shares Outstanding (M)	227.29	227.29	227.29
(=) Excess Retained per Share	2.56	3.08	3.42
LTM Dividend per Share	2.98	2.98	2.98
(+) Excess Retained per Share	2.56	3.08	3.42
(=) Adjusted Dividend	5.54	6.06	6.40
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	0.25%	1.25%	2.25%
Fair Value	$61.78	$76.80	$93.72
Upside / Downside	-25.48%	-7.37%	13.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,573.50	1,593.13	1,613.01	1,633.13	1,653.51	1,674.13	1,724.36
Payout Ratio	43.04%	52.44%	61.83%	71.22%	80.61%	90.00%	92.50%
Projected Dividends (M)	677.30	835.36	997.27	1,163.08	1,332.87	1,506.72	1,595.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	0.25%	1.25%	2.25%
Year 1 PV (M)	757.20	764.75	772.30
Year 2 PV (M)	819.36	835.79	852.38
Year 3 PV (M)	866.18	892.36	919.06
Year 4 PV (M)	899.75	936.19	973.73
Year 5 PV (M)	921.93	968.84	1,017.64
PV of Terminal Value (M)	15,656.68	16,453.32	17,282.06
Equity Value (M)	19,921.10	20,851.25	21,817.18
Shares Outstanding (M)	227.29	227.29	227.29
Fair Value	$87.65	$91.74	$95.99
Upside / Downside	5.71%	10.65%	15.77%

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Principal Financial Group, Inc. (PFG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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