DDM Analysis: JPM

Valuation Snapshot

Stable Growth	$533.15 - $1,621.28	$848.56
Multi-Stage	$353.26 - $386.00	$369.33
Blended Fair Value	$608.95
Current Price	$315.43
Upside	93.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.67%	7.78%	5.25	4.79	4.82	4.57	4.51	4.39	3.59	3.20	3.01	2.80
YoY Growth	-	-	9.80%	-0.73%	5.48%	1.32%	2.81%	22.10%	12.41%	6.10%	7.66%	12.63%
Dividend Yield	-	-	2.14%	2.41%	3.70%	3.35%	2.96%	4.87%	3.43%	2.91%	3.43%	4.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	58,028.00
(-) Cash Dividends Paid (M)	16,066.00
(=) Cash Retained (M)	41,962.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,605.60	7,253.50	4,352.10
Cash Retained (M)	41,962.00	41,962.00	41,962.00
(-) Cash Required (M)	-11,605.60	-7,253.50	-4,352.10
(=) Excess Retained (M)	30,356.40	34,708.50	37,609.90
(/) Shares Outstanding (M)	2,813.53	2,813.53	2,813.53
(=) Excess Retained per Share	10.79	12.34	13.37
LTM Dividend per Share	5.71	5.71	5.71
(+) Excess Retained per Share	10.79	12.34	13.37
(=) Adjusted Dividend	16.50	18.05	19.08
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$533.15	$848.56	$1,621.28
Upside / Downside	69.02%	169.02%	413.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	58,028.00	61,799.82	65,816.81	70,094.90	74,651.07	79,503.39	81,888.49
Payout Ratio	27.69%	40.15%	52.61%	65.07%	77.54%	90.00%	92.50%
Projected Dividends (M)	16,066.00	24,812.20	34,627.53	45,614.01	57,882.44	71,553.05	75,746.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22,598.47	22,812.68	23,026.88
Year 2 PV (M)	28,724.28	29,271.40	29,823.67
Year 3 PV (M)	34,461.94	35,451.22	36,459.25
Year 4 PV (M)	39,829.25	41,360.97	42,936.46
Year 5 PV (M)	44,843.27	47,009.22	49,258.06
PV of Terminal Value (M)	823,449.72	863,222.65	904,517.78
Equity Value (M)	993,906.94	1,039,128.13	1,086,022.10
Shares Outstanding (M)	2,813.53	2,813.53	2,813.53
Fair Value	$353.26	$369.33	$386.00
Upside / Downside	11.99%	17.09%	22.37%

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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%
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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%
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2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
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3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
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Financial Statements

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JPMorgan Chase & Co. (JPM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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