DDM Analysis: FHN

Valuation Snapshot

Stable Growth	$45.83 - $149.02	$74.28
Multi-Stage	$30.10 - $32.89	$31.47
Blended Fair Value	$52.88
Current Price	$22.61
Upside	133.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.19%	21.50%	0.64	0.64	0.62	0.64	0.43	0.33	0.27	0.15	0.12	0.10
YoY Growth	-	-	-0.90%	3.40%	-2.70%	50.00%	29.82%	23.02%	73.96%	25.83%	17.72%	13.89%
Dividend Yield	-	-	3.29%	4.30%	3.50%	2.72%	2.52%	4.08%	1.85%	0.82%	0.66%	0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	886.00
(-) Cash Dividends Paid (M)	305.00
(=) Cash Retained (M)	581.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	177.20	110.75	66.45
Cash Retained (M)	581.00	581.00	581.00
(-) Cash Required (M)	-177.20	-110.75	-66.45
(=) Excess Retained (M)	403.80	470.25	514.55
(/) Shares Outstanding (M)	520.25	520.25	520.25
(=) Excess Retained per Share	0.78	0.90	0.99
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.78	0.90	0.99
(=) Adjusted Dividend	1.36	1.49	1.58
WACC / Discount Rate	8.64%	8.64%	8.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.83	$74.28	$149.02
Upside / Downside	102.69%	228.55%	559.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	886.00	943.59	1,004.92	1,070.24	1,139.81	1,213.90	1,250.31
Payout Ratio	34.42%	45.54%	56.65%	67.77%	78.88%	90.00%	92.50%
Projected Dividends (M)	305.00	429.71	569.34	725.30	899.14	1,092.51	1,156.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.64%	8.64%	8.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	391.83	395.55	399.26
Year 2 PV (M)	473.39	482.41	491.51
Year 3 PV (M)	549.92	565.71	581.79
Year 4 PV (M)	621.64	645.54	670.13
Year 5 PV (M)	688.75	722.02	756.56
PV of Terminal Value (M)	12,935.94	13,560.75	14,209.48
Equity Value (M)	15,661.48	16,371.98	17,108.73
Shares Outstanding (M)	520.25	520.25	520.25
Fair Value	$30.10	$31.47	$32.89
Upside / Downside	33.14%	39.18%	45.45%

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First Horizon Corporation (FHN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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