DDM Analysis: TBB

Valuation Snapshot

Stable Growth	$17.95 - $25.09	$21.51
Multi-Stage	$51.15 - $56.54	$53.79
Blended Fair Value	$37.65
Current Price	$28.24
Upside	33.32%
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	-11.23%	-1.50%	1.14	1.13	1.37	2.09	2.08	2.07	1.86	1.67	1.64	1.42
YoY Growth	-	-	0.88%	-17.48%	-34.57%	0.75%	0.46%	11.02%	11.40%	2.04%	15.66%	6.78%
Dividend Yield	-	-	4.03%	6.45%	7.11%	11.72%	9.09%	9.39%	7.72%	6.21%	5.22%	4.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,245.00
(-) Cash Dividends Paid (M)	8,205.00
(=) Cash Retained (M)	14,040.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,449.00	2,780.63	1,668.38
Cash Retained (M)	14,040.00	14,040.00	14,040.00
(-) Cash Required (M)	-4,449.00	-2,780.63	-1,668.38
(=) Excess Retained (M)	9,591.00	11,259.38	12,371.63
(/) Shares Outstanding (M)	7,204.25	7,204.25	7,204.25
(=) Excess Retained per Share	1.33	1.56	1.72
LTM Dividend per Share	1.14	1.14	1.14
(+) Excess Retained per Share	1.33	1.56	1.72
(=) Adjusted Dividend	2.47	2.70	2.86
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-6.39%	-5.39%	-4.39%
Fair Value	$17.95	$21.51	$25.09
Upside / Downside	-36.45%	-23.84%	-11.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,245.00	21,046.96	19,913.43	18,840.96	17,826.25	16,866.18	17,372.17
Payout Ratio	36.88%	47.51%	58.13%	68.75%	79.38%	90.00%	92.50%
Projected Dividends (M)	8,205.00	9,998.94	11,575.84	12,953.89	14,149.93	15,179.56	16,069.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-6.39%	-5.39%	-4.39%
Year 1 PV (M)	9,289.46	9,388.69	9,487.92
Year 2 PV (M)	9,991.38	10,205.98	10,422.86
Year 3 PV (M)	10,387.47	10,723.92	11,067.56
Year 4 PV (M)	10,541.45	10,999.14	11,471.57
Year 5 PV (M)	10,506.11	11,079.36	11,677.37
PV of Terminal Value (M)	317,784.05	335,123.61	353,211.93
Equity Value (M)	368,499.92	387,520.70	407,339.22
Shares Outstanding (M)	7,204.25	7,204.25	7,204.25
Fair Value	$51.15	$53.79	$56.54
Upside / Downside	81.13%	90.48%	100.22%

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605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
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MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
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AT&T Inc. 5.35% GLB NTS 66 (TBB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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