DDM Analysis: ZIONL

Valuation Snapshot

Stable Growth	$657.15 - $1,150.91	$1,078.57
Multi-Stage	$183.03 - $200.41	$191.56
Blended Fair Value	$635.07
Current Price	$56.58
Upside	1,022.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.94%	9.94%	1.68	1.92	1.83	1.77	1.76	1.77	1.60	0.88	0.73	0.73
YoY Growth	-	-	-12.06%	4.83%	3.07%	0.77%	-0.38%	10.17%	82.95%	19.44%	0.00%	12.35%
Dividend Yield	-	-	3.38%	4.46%	6.10%	2.70%	3.20%	6.60%	3.43%	1.66%	1.75%	3.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	852.00
(-) Cash Dividends Paid (M)	273.00
(=) Cash Retained (M)	579.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	170.40	106.50	63.90
Cash Retained (M)	579.00	579.00	579.00
(-) Cash Required (M)	-170.40	-106.50	-63.90
(=) Excess Retained (M)	408.60	472.50	515.10
(/) Shares Outstanding (M)	147.22	147.22	147.22
(=) Excess Retained per Share	2.78	3.21	3.50
LTM Dividend per Share	1.85	1.85	1.85
(+) Excess Retained per Share	2.78	3.21	3.50
(=) Adjusted Dividend	4.63	5.06	5.35
WACC / Discount Rate	6.24%	6.24%	6.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$657.15	$1,078.57	$1,150.91
Upside / Downside	1,061.45%	1,806.28%	1,934.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	852.00	907.38	966.36	1,029.17	1,096.07	1,167.31	1,202.33
Payout Ratio	32.04%	43.63%	55.23%	66.82%	78.41%	90.00%	92.50%
Projected Dividends (M)	273.00	395.92	533.68	687.66	859.41	1,050.58	1,112.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.24%	6.24%	6.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	369.16	372.66	376.16
Year 2 PV (M)	463.96	472.80	481.72
Year 3 PV (M)	557.42	573.42	589.72
Year 4 PV (M)	649.54	674.52	700.21
Year 5 PV (M)	740.35	776.11	813.24
PV of Terminal Value (M)	24,165.31	25,332.51	26,544.37
Equity Value (M)	26,945.74	28,202.01	29,505.42
Shares Outstanding (M)	147.22	147.22	147.22
Fair Value	$183.03	$191.56	$200.41
Upside / Downside	223.48%	238.56%	254.21%

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Zions Bancorporation N.A. - 6.9 (ZIONL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener