DDM Analysis: PPG

Valuation Snapshot

Stable Growth	$39.87 - $60.96	$49.73
Multi-Stage	$58.20 - $63.66	$60.88
Blended Fair Value	$55.30
Current Price	$105.11
Upside	-47.38%
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	5.85%	5.59%	2.71	2.61	2.49	2.34	2.16	2.04	1.98	1.89	1.81	1.67
YoY Growth	-	-	4.01%	4.91%	6.34%	8.06%	5.98%	3.31%	4.38%	4.83%	8.09%	6.09%
Dividend Yield	-	-	2.48%	1.82%	1.86%	1.78%	1.44%	2.44%	1.73%	1.70%	1.72%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	996.00
(-) Cash Dividends Paid (M)	626.00
(=) Cash Retained (M)	370.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	199.20	124.50	74.70
Cash Retained (M)	370.00	370.00	370.00
(-) Cash Required (M)	-199.20	-124.50	-74.70
(=) Excess Retained (M)	170.80	245.50	295.30
(/) Shares Outstanding (M)	229.35	229.35	229.35
(=) Excess Retained per Share	0.74	1.07	1.29
LTM Dividend per Share	2.73	2.73	2.73
(+) Excess Retained per Share	0.74	1.07	1.29
(=) Adjusted Dividend	3.47	3.80	4.02
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	0.33%	1.33%	2.33%
Fair Value	$39.87	$49.73	$60.96
Upside / Downside	-62.07%	-52.69%	-42.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	996.00	1,009.23	1,022.63	1,036.22	1,049.98	1,063.93	1,095.85
Payout Ratio	62.85%	68.28%	73.71%	79.14%	84.57%	90.00%	92.50%
Projected Dividends (M)	626.00	689.11	753.79	820.07	887.97	957.54	1,013.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	0.33%	1.33%	2.33%
Year 1 PV (M)	625.57	631.80	638.04
Year 2 PV (M)	621.18	633.63	646.20
Year 3 PV (M)	613.48	632.01	650.91
Year 4 PV (M)	603.03	627.43	652.57
Year 5 PV (M)	590.31	620.32	651.54
PV of Terminal Value (M)	10,293.73	10,817.06	11,361.46
Equity Value (M)	13,347.30	13,962.25	14,600.71
Shares Outstanding (M)	229.35	229.35	229.35
Fair Value	$58.20	$60.88	$63.66
Upside / Downside	-44.63%	-42.08%	-39.43%

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Financial Statements

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Sector

PPG Industries, Inc. (PPG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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