DDM Analysis: BAC

Valuation Snapshot

Stable Growth	$91.57 - $248.15	$140.93
Multi-Stage	$62.85 - $68.64	$65.69
Blended Fair Value	$103.31
Current Price	$51.59
Upside	100.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.88%	15.21%	1.23	1.18	1.11	1.04	1.00	0.77	0.89	0.74	0.54	0.46
YoY Growth	-	-	4.58%	5.96%	6.47%	4.24%	30.22%	-13.94%	20.96%	35.91%	17.35%	54.99%
Dividend Yield	-	-	2.95%	3.14%	3.88%	2.53%	2.59%	3.62%	3.13%	2.46%	2.30%	3.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,646.00
(-) Cash Dividends Paid (M)	9,478.00
(=) Cash Retained (M)	20,168.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,929.20	3,705.75	2,223.45
Cash Retained (M)	20,168.00	20,168.00	20,168.00
(-) Cash Required (M)	-5,929.20	-3,705.75	-2,223.45
(=) Excess Retained (M)	14,238.80	16,462.25	17,944.55
(/) Shares Outstanding (M)	7,723.30	7,723.30	7,723.30
(=) Excess Retained per Share	1.84	2.13	2.32
LTM Dividend per Share	1.23	1.23	1.23
(+) Excess Retained per Share	1.84	2.13	2.32
(=) Adjusted Dividend	3.07	3.36	3.55
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.57	$140.93	$248.15
Upside / Downside	77.49%	173.18%	381.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,646.00	31,572.99	33,625.23	35,810.87	38,138.58	40,617.59	41,836.12
Payout Ratio	31.97%	43.58%	55.18%	66.79%	78.39%	90.00%	92.50%
Projected Dividends (M)	9,478.00	13,758.39	18,555.20	23,917.45	29,898.40	36,555.83	38,698.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12,499.49	12,617.97	12,736.45
Year 2 PV (M)	15,314.91	15,606.62	15,901.08
Year 3 PV (M)	17,934.46	18,449.30	18,973.89
Year 4 PV (M)	20,367.89	21,151.18	21,956.85
Year 5 PV (M)	22,624.50	23,717.28	24,851.87
PV of Terminal Value (M)	396,655.59	415,814.21	435,706.06
Equity Value (M)	485,396.84	507,356.54	530,126.19
Shares Outstanding (M)	7,723.30	7,723.30	7,723.30
Fair Value	$62.85	$65.69	$68.64
Upside / Downside	21.82%	27.33%	33.05%

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0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
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7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
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600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
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MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
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086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
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Bank of America Corporation (BAC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener