DDM Analysis: USB

Valuation Snapshot

Stable Growth	$75.68 - $147.32	$104.11
Multi-Stage	$71.17 - $77.75	$74.40
Blended Fair Value	$89.26
Current Price	$48.33
Upside	84.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.82%	6.00%	1.98	1.91	1.78	1.65	1.64	1.57	1.34	1.24	1.16	1.14
YoY Growth	-	-	4.11%	6.99%	7.64%	1.06%	4.46%	16.78%	8.51%	6.52%	1.86%	2.95%
Dividend Yield	-	-	4.70%	4.33%	4.94%	3.11%	2.96%	4.55%	2.73%	2.45%	2.25%	2.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,188.00
(-) Cash Dividends Paid (M)	3,140.00
(=) Cash Retained (M)	4,048.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,437.60	898.50	539.10
Cash Retained (M)	4,048.00	4,048.00	4,048.00
(-) Cash Required (M)	-1,437.60	-898.50	-539.10
(=) Excess Retained (M)	2,610.40	3,149.50	3,508.90
(/) Shares Outstanding (M)	1,559.00	1,559.00	1,559.00
(=) Excess Retained per Share	1.67	2.02	2.25
LTM Dividend per Share	2.01	2.01	2.01
(+) Excess Retained per Share	1.67	2.02	2.25
(=) Adjusted Dividend	3.69	4.03	4.26
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	4.00%	5.00%	6.00%
Fair Value	$75.68	$104.11	$147.32
Upside / Downside	56.60%	115.42%	204.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,188.00	7,547.65	7,925.29	8,321.82	8,738.20	9,175.41	9,450.67
Payout Ratio	43.68%	52.95%	62.21%	71.47%	80.74%	90.00%	92.50%
Projected Dividends (M)	3,140.00	3,996.26	4,930.35	5,947.90	7,054.94	8,257.86	8,741.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	4.00%	5.00%	6.00%
Year 1 PV (M)	3,628.98	3,663.87	3,698.76
Year 2 PV (M)	4,065.73	4,144.29	4,223.60
Year 3 PV (M)	4,454.04	4,583.76	4,715.97
Year 4 PV (M)	4,797.49	4,984.68	5,177.30
Year 5 PV (M)	5,099.40	5,349.31	5,608.93
PV of Terminal Value (M)	88,901.96	93,258.93	97,785.08
Equity Value (M)	110,947.59	115,984.84	121,209.64
Shares Outstanding (M)	1,559.00	1,559.00	1,559.00
Fair Value	$71.17	$74.40	$77.75
Upside / Downside	47.25%	53.94%	60.87%

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U.S. Bancorp (USB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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