DDM Analysis: TBB

Valuation Snapshot

Stable Growth	$17.95 - $25.09	$21.51
Multi-Stage	$51.15 - $56.54	$53.79
Blended Fair Value	$37.65
Current Price	$28.24
Upside	33.32%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.23%	-1.50%	1.14	1.13	1.37	2.09	2.08	2.07	1.86	1.67	1.64	1.42
YoY Growth	-	-	0.88%	-17.48%	-34.57%	0.75%	0.46%	11.02%	11.40%	2.04%	15.66%	6.78%
Dividend Yield	-	-	4.03%	6.45%	7.11%	11.72%	9.09%	9.39%	7.72%	6.21%	5.22%	4.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,245.00
(-) Cash Dividends Paid (M)	8,205.00
(=) Cash Retained (M)	14,040.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,449.00	2,780.63	1,668.38
Cash Retained (M)	14,040.00	14,040.00	14,040.00
(-) Cash Required (M)	-4,449.00	-2,780.63	-1,668.38
(=) Excess Retained (M)	9,591.00	11,259.38	12,371.63
(/) Shares Outstanding (M)	7,204.25	7,204.25	7,204.25
(=) Excess Retained per Share	1.33	1.56	1.72
LTM Dividend per Share	1.14	1.14	1.14
(+) Excess Retained per Share	1.33	1.56	1.72
(=) Adjusted Dividend	2.47	2.70	2.86
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-6.39%	-5.39%	-4.39%
Fair Value	$17.95	$21.51	$25.09
Upside / Downside	-36.45%	-23.84%	-11.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,245.00	21,046.96	19,913.43	18,840.96	17,826.25	16,866.18	17,372.17
Payout Ratio	36.88%	47.51%	58.13%	68.75%	79.38%	90.00%	92.50%
Projected Dividends (M)	8,205.00	9,998.94	11,575.84	12,953.89	14,149.93	15,179.56	16,069.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-6.39%	-5.39%	-4.39%
Year 1 PV (M)	9,289.46	9,388.69	9,487.92
Year 2 PV (M)	9,991.38	10,205.98	10,422.86
Year 3 PV (M)	10,387.47	10,723.92	11,067.56
Year 4 PV (M)	10,541.45	10,999.14	11,471.57
Year 5 PV (M)	10,506.11	11,079.36	11,677.37
PV of Terminal Value (M)	317,784.05	335,123.61	353,211.93
Equity Value (M)	368,499.92	387,520.70	407,339.22
Shares Outstanding (M)	7,204.25	7,204.25	7,204.25
Fair Value	$51.15	$53.79	$56.54
Upside / Downside	81.13%	90.48%	100.22%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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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AT&T Inc. 5.35% GLB NTS 66 (TBB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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