DDM Analysis: TFC

Valuation Snapshot

Stable Growth	$81.24 - $191.32	$119.58
Multi-Stage	$59.75 - $65.15	$62.40
Blended Fair Value	$90.99
Current Price	$45.72
Upside	99.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.17%	15.32%	2.10	2.10	2.02	1.89	1.84	0.99	0.91	0.76	0.70	0.60
YoY Growth	-	-	0.00%	4.29%	6.88%	2.52%	85.18%	8.72%	19.80%	8.65%	17.24%	18.47%
Dividend Yield	-	-	5.11%	5.48%	5.91%	3.33%	3.16%	3.22%	1.90%	1.47%	1.57%	1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,074.00
(-) Cash Dividends Paid (M)	2,699.00
(=) Cash Retained (M)	2,375.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,014.80	634.25	380.55
Cash Retained (M)	2,375.00	2,375.00	2,375.00
(-) Cash Required (M)	-1,014.80	-634.25	-380.55
(=) Excess Retained (M)	1,360.20	1,740.75	1,994.45
(/) Shares Outstanding (M)	1,317.01	1,317.01	1,317.01
(=) Excess Retained per Share	1.03	1.32	1.51
LTM Dividend per Share	2.05	2.05	2.05
(+) Excess Retained per Share	1.03	1.32	1.51
(=) Adjusted Dividend	3.08	3.37	3.56
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.24	$119.58	$191.32
Upside / Downside	77.69%	161.54%	318.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,074.00	5,403.81	5,755.06	6,129.14	6,527.53	6,951.82	7,160.37
Payout Ratio	53.19%	60.55%	67.92%	75.28%	82.64%	90.00%	92.50%
Projected Dividends (M)	2,699.00	3,272.23	3,908.58	4,613.84	5,394.26	6,256.64	6,623.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,960.22	2,988.27	3,016.33
Year 2 PV (M)	3,198.73	3,259.66	3,321.16
Year 3 PV (M)	3,415.85	3,513.91	3,613.83
Year 4 PV (M)	3,612.83	3,751.77	3,894.68
Year 5 PV (M)	3,790.85	3,973.95	4,164.05
PV of Terminal Value (M)	61,715.76	64,696.66	67,791.64
Equity Value (M)	78,694.24	82,184.22	85,801.69
Shares Outstanding (M)	1,317.01	1,317.01	1,317.01
Fair Value	$59.75	$62.40	$65.15
Upside / Downside	30.69%	36.49%	42.50%

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600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
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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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Financial Statements

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Sector

Truist Financial Corporation (TFC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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