DDM Analysis: C-PN

Valuation Snapshot

Stable Growth	$411.50 - $1,522.21	$1,252.08
Multi-Stage	$246.10 - $269.78	$257.72
Blended Fair Value	$754.90
Current Price	$101.50
Upside	643.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.93%	23.44%	2.73	2.74	2.63	2.73	2.81	2.86	2.64	2.00	1.20	0.66
YoY Growth	-	-	-0.25%	4.18%	-3.75%	-2.88%	-1.74%	8.51%	32.21%	66.03%	82.52%	97.95%
Dividend Yield	-	-	3.85%	4.32%	5.61%	5.12%	3.87%	6.80%	4.10%	2.96%	2.01%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,691.00
(-) Cash Dividends Paid (M)	3,965.00
(=) Cash Retained (M)	10,726.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,938.20	1,836.38	1,101.83
Cash Retained (M)	10,726.00	10,726.00	10,726.00
(-) Cash Required (M)	-2,938.20	-1,836.38	-1,101.83
(=) Excess Retained (M)	7,787.80	8,889.63	9,624.18
(/) Shares Outstanding (M)	1,901.58	1,901.58	1,901.58
(=) Excess Retained per Share	4.10	4.67	5.06
LTM Dividend per Share	2.09	2.09	2.09
(+) Excess Retained per Share	4.10	4.67	5.06
(=) Adjusted Dividend	6.18	6.76	7.15
WACC / Discount Rate	6.07%	6.07%	6.07%
Growth Rate	4.50%	5.50%	6.50%
Fair Value	$411.50	$1,252.08	$1,522.21
Upside / Downside	305.42%	1,133.58%	1,399.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,691.00	15,499.54	16,352.58	17,252.56	18,202.08	19,203.86	19,779.98
Payout Ratio	26.99%	39.59%	52.19%	64.80%	77.40%	90.00%	92.50%
Projected Dividends (M)	3,965.00	6,136.49	8,535.00	11,178.92	14,088.02	17,283.47	18,296.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.07%	6.07%	6.07%
Growth Rate	4.50%	5.50%	6.50%
Year 1 PV (M)	5,730.31	5,785.15	5,839.98
Year 2 PV (M)	7,442.51	7,585.63	7,730.11
Year 3 PV (M)	9,102.78	9,366.61	9,635.48
Year 4 PV (M)	10,712.29	11,128.24	11,556.19
Year 5 PV (M)	12,272.17	12,870.68	13,492.32
PV of Terminal Value (M)	422,726.50	443,342.74	464,755.60
Equity Value (M)	467,986.57	490,079.04	513,009.68
Shares Outstanding (M)	1,901.58	1,901.58	1,901.58
Fair Value	$246.10	$257.72	$269.78
Upside / Downside	142.47%	153.91%	165.79%

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Citigroup Capital XIII TR PFD SECS (C-PN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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