DDM Analysis: DVN

Valuation Snapshot

Stable Growth	$95.73 - $239.88	$143.79
Multi-Stage	$66.51 - $72.66	$69.53
Blended Fair Value	$106.66
Current Price	$35.06
Upside	204.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	46.26%	9.27%	1.48	2.93	5.32	2.07	0.40	0.22	0.23	0.20	0.35	0.62
YoY Growth	-	-	-49.57%	-45.01%	156.96%	411.67%	83.57%	-6.04%	17.32%	-42.53%	-44.19%	2.59%
Dividend Yield	-	-	3.95%	5.74%	10.51%	3.50%	1.85%	3.19%	0.74%	0.63%	0.83%	2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,719.00
(-) Cash Dividends Paid (M)	613.00
(=) Cash Retained (M)	2,106.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	543.80	339.88	203.93
Cash Retained (M)	2,106.00	2,106.00	2,106.00
(-) Cash Required (M)	-543.80	-339.88	-203.93
(=) Excess Retained (M)	1,562.20	1,766.13	1,902.08
(/) Shares Outstanding (M)	635.00	635.00	635.00
(=) Excess Retained per Share	2.46	2.78	3.00
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	2.46	2.78	3.00
(=) Adjusted Dividend	3.43	3.75	3.96
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.73	$143.79	$239.88
Upside / Downside	173.06%	310.13%	584.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,719.00	2,895.74	3,083.96	3,284.42	3,497.90	3,725.27	3,837.02
Payout Ratio	22.55%	36.04%	49.53%	63.02%	76.51%	90.00%	92.50%
Projected Dividends (M)	613.00	1,043.51	1,527.39	2,069.77	2,676.21	3,352.74	3,549.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	945.97	954.94	963.90
Year 2 PV (M)	1,255.21	1,279.11	1,303.25
Year 3 PV (M)	1,541.95	1,586.21	1,631.31
Year 4 PV (M)	1,807.38	1,876.88	1,948.38
Year 5 PV (M)	2,052.63	2,151.77	2,254.71
PV of Terminal Value (M)	34,628.69	36,301.27	38,037.86
Equity Value (M)	42,231.82	44,150.19	46,139.41
Shares Outstanding (M)	635.00	635.00	635.00
Fair Value	$66.51	$69.53	$72.66
Upside / Downside	89.69%	98.31%	107.25%

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6101.T	Tsugami Corporation	2.08%	$59.70	21.18%
9549.SR	Abdulaziz and Mansour Ibrahim Albabtin Co.	2.08%	$0.50	29.71%
FPAR-A.ST	FastPartner AB (publ)	2.08%	$0.97	55.03%
GRNG.ST	Gränges AB (publ)	2.08%	$3.09	34.78%
ZGN	Ermenegildo Zegna N.V.	2.08%	$0.22	28.26%
000983.SZ	Shanxi Coking Coal Energy Group Co.,Ltd.	2.07%	$0.13	44.44%
006090.KS	Oyang Corporation	2.07%	$187.55	43.67%
0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
1748.HK	Xin Yuan Enterprises Group Limited	2.07%	$0.04	62.70%
4677.KL	YTL Corporation Berhad	2.07%	$0.04	26.42%
603136.SS	Jiangsu Tianmu Lake Tourism Co.,Ltd	2.07%	$0.24	64.23%
7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
OCL.AX	Objective Corporation Limited	2.07%	$0.34	57.76%
TRTN	Triton International Limited	2.07%	$1.65	28.50%
001219.SZ	Qingdao Foods CO.,LTD.	2.06%	$0.29	55.25%
002351.SZ	Edifier Technology Co., Ltd.	2.06%	$0.25	53.80%
004830.KS	Duksung Co., Ltd.	2.06%	$100.30	19.66%
600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
600143.SS	Kingfa Sci. & Tech. Co., Ltd.	2.06%	$0.40	85.82%
7735.T	SCREEN Holdings Co., Ltd.	2.06%	$314.43	32.13%
ALSO3.SA	Aliansce Sonae Shopping Centers S.A.	2.06%	$0.52	9.27%
MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
REA.AX	REA Group Limited	2.06%	$3.81	51.46%
THEON.AS	Theon International PLC	2.06%	$0.55	52.53%
000902.SZ	YONFER Agricultural Technology Co., Ltd.	2.05%	$0.32	26.06%
002938.SZ	Avary Holding(Shenzhen)Co., Limited	2.05%	$1.04	59.37%
036930.KQ	JUSUNG ENGINEERING Co., Ltd.	2.05%	$625.50	45.79%
086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
4191.SR	Abdullah Saad Mohammed Abo Moati for Bookstores Company	2.05%	$1.01	76.56%
9527.SR	Ame Company For Medical Supplies	2.05%	$2.00	27.73%
BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
GUAR3.SA	Guararapes Confecções S.A.	2.05%	$0.18	20.09%
MGROS.IS	Migros Ticaret A.S.	2.05%	$10.88	31.41%
MLL.DE	Müller - Die lila Logistik AG	2.05%	$0.10	6.76%
RAY-A.TO	Stingray Group Inc.	2.05%	$0.30	39.32%
VIVA3.SA	Vivara Participações S.A.	2.05%	$0.66	20.93%
268280.KS	Miwon Specialty Chemical Co., Ltd.	2.04%	$2,814.57	22.79%
2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
605589.SS	Jinan Shengquan Group Share Holding Co., Ltd.	2.04%	$0.58	44.86%
CEK.DE	CeoTronics AG	2.04%	$0.26	34.71%
CSAP.JK	PT Catur Sentosa Adiprana Tbk	2.04%	$6.50	30.53%
ROTH.PA	Rothschild & Co SCA	2.04%	$0.78	13.71%
2476.TW	G-SHANK Enterprise Co., Ltd.	2.03%	$1.85	49.48%
2852.KL	Cahya Mata Sarawak Berhad	2.03%	$0.03	28.80%
3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
601607.SS	Shanghai Pharmaceuticals Holding Co., Ltd	2.03%	$0.36	23.77%

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Devon Energy Corporation (DVN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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