DDM Analysis: WFC

Valuation Snapshot

Stable Growth	$40.81 - $57.64	$49.14
Multi-Stage	$68.85 - $75.70	$72.21
Blended Fair Value	$60.67
Current Price	$83.82
Upside	-27.61%
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	-8.94%	-2.93%	1.56	1.45	1.27	0.74	1.47	2.49	2.34	2.27	2.27	2.25
YoY Growth	-	-	7.18%	14.62%	72.50%	-50.08%	-40.81%	6.58%	2.83%	0.11%	0.97%	7.12%
Dividend Yield	-	-	2.17%	2.53%	3.40%	1.52%	3.77%	8.68%	4.79%	4.34%	4.08%	4.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,056.00
(-) Cash Dividends Paid (M)	5,361.00
(=) Cash Retained (M)	15,695.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,211.20	2,632.00	1,579.20
Cash Retained (M)	15,695.00	15,695.00	15,695.00
(-) Cash Required (M)	-4,211.20	-2,632.00	-1,579.20
(=) Excess Retained (M)	11,483.80	13,063.00	14,115.80
(/) Shares Outstanding (M)	3,291.68	3,291.68	3,291.68
(=) Excess Retained per Share	3.49	3.97	4.29
LTM Dividend per Share	1.63	1.63	1.63
(+) Excess Retained per Share	3.49	3.97	4.29
(=) Adjusted Dividend	5.12	5.60	5.92
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	-3.01%	-2.01%	-1.01%
Fair Value	$40.81	$49.14	$57.64
Upside / Downside	-51.31%	-41.37%	-31.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,056.00	20,631.75	20,216.05	19,808.73	19,409.61	19,018.53	19,589.09
Payout Ratio	25.46%	38.37%	51.28%	64.18%	77.09%	90.00%	92.50%
Projected Dividends (M)	5,361.00	7,916.10	10,366.06	12,714.09	14,963.28	17,116.68	18,119.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	-3.01%	-2.01%	-1.01%
Year 1 PV (M)	7,178.78	7,252.80	7,326.81
Year 2 PV (M)	8,524.95	8,701.66	8,880.18
Year 3 PV (M)	9,482.05	9,778.39	10,080.84
Year 4 PV (M)	10,120.06	10,543.94	10,981.01
Year 5 PV (M)	10,498.20	11,050.70	11,626.22
PV of Terminal Value (M)	180,838.93	190,356.21	200,270.03
Equity Value (M)	226,642.97	237,683.69	249,165.09
Shares Outstanding (M)	3,291.68	3,291.68	3,291.68
Fair Value	$68.85	$72.21	$75.70
Upside / Downside	-17.86%	-13.85%	-9.69%

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Wells Fargo & Company (WFC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener